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After more than 37 years of business, a loved gift gift gift source filed in Chapter 11 Protection against Bankruptcy on March 2nd. The brand, which operates 158 stores and an e-commerce arm in the United States, plans to close at least 11 of its stores, according toCourt documents got by diving.

According to the deposit of the bankruptcy of the company of Chicago, the paper source has extended to 161 retail location after the acquisition of 27 papyrus competition stores, which has announced its own bankruptcy deposit and started the closing process of its retail locations as of February 20th.

The decision of the paper source to deposit bankruptcy was undeniably linked to losses under the pandemic, the mark announced, with sales in 2020 arriving at $ 104 million from $ 153.2 million year. former. "As with many other retail marks, [a paper source] of deep damage to their finances and operations as a result of the current COVID-19 pandemic," said the CFO of the source paperRonald Kruczynski In the deposit of the bankruptcy of the chain, calling the decision an essential part of the "global restructuring" of the brand.

The paper source is not the only chain that has undergone serious financial spin-offs in the middle of the pandemic, however; Read it to find out what other beloved shops may not be long for this world. And for more stores, stop, checkThis beloved chain closes all its stores.

On February 18, the Solstice Sunglasses Chain announced that it would be filed forChapter 11 Protection against bankruptcy After sales fell by more than 50% between 2019 and 2020. At this point, there were no announcements regarding the closure of Solstice stores.

In a declaration, CEO of SolsticeMikey Rosenbergsaid, "We areOptimistic on the reorganization As we continue to see increasing activities in our stores when COVID restrictions are lifted and in the new modes our suppliers provide. And for the latest news from the store closure delivered directly to your inbox,Sign up for our daily newsletter.

Becca's beloved beauty brand announced on February 22 that theThe company would cease operations no later than 2021 September. "The global pandemic has had an impact on everyone in the world on several levels. He also had a considerable impact on as many companies. In Becca, an accumulation of challenges, as well as the global impact of Covid-19 years has been unfortunatelyMore than our company can withstand"," said the company in a statement. And for more brands with financial branches of the pandemic,This legendary fashion brand begins to close stores.

On February 24, the brands, the Staple Victoria's Secret Shopping Center announced that it would beShoching up to 50 lingerie brand stores Before the end of the 2021. Victoria's secret had already seen his imprint decrease during the pandemic; In May 2020, CNN reported thatAt least 250 Victoria Secret Stores would closing their doors for good.

Even Belk, a department store that has been working continuously for 133 years, could not withstand the financial problems of the pandemic that brought it. February 23,Belk announced his deposit For protection against bankruptcy in Chapter 11 to discharge $ 450 million from the company's debt. "The Covid-19 pandemic has led directly toDrastic decline in sales, income and liquidity, "said Belk CFOWilliam Langley in judicial documents, according toTheObserver Charlotte.

The next day,Belk has emerged from bankruptcy with a new restructuring agreement. "The infusion of species and debt reduction provides Belk with increased liquidity to focus on its main growth initiatives, including additional improvements to its Omnican capabilities and the expansion of merchandise offers in New categories of relevant products, "said the company in a statement, noting home, well-being and exterior spaces in particular. And for more stores that are not long for this world,This iconic store closes all its American pitches .