Paper Source
Paper Source is an American stationery, paper-goods, greeting-card, gift, and creative-lifestyle retailer.
Last updated August 31, 2026
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Overview
Paper Source is an American retailer focused on stationery, paper goods, greeting cards, gifts, wrapping products, party supplies, and creative paper crafts. The company is based in Chicago, Illinois, and developed a retail concept centered on distinctive design, tactile materials, and paper products sourced from or inspired by makers around the world. The business was founded in 1983 by Susan Lindstrom after a trip to Japan exposed her to refined and visually distinctive stationery. Lindstrom opened the first Paper Source store in Chicago’s River North neighborhood, using the shop to present handcrafted papers and related products. Over time, the assortment expanded beyond loose and decorative paper to include custom invitations and announcements, personalized stationery, stamps, gift wrap, greeting cards, paper-craft kits, party goods, and gifts. Paper Source became a multi-store retailer during the 2000s. In 2007, Brentwood Associates acquired a majority interest, and Sally Pofcher became chief executive officer. During Pofcher’s tenure, the company expanded from approximately 20 stores to 100. In 2009, founder Susan Lindstrom retired from her role as chief creative officer, although the brand continued to reflect the design-oriented identity established during its founding. Investcorp acquired Paper Source in 2013. The company continued its store expansion under new ownership and reached its 100th store in 2015. That year, Winnie Park became chief executive officer, and Paper Source opened a large warehouse facility in Forest Park, Illinois. These developments supported the retailer’s growing store network and distribution needs. In March 2020, Paper Source acquired 30 stores from Papyrus, a stationery retailer that had entered bankruptcy. The transaction substantially increased Paper Source’s physical presence, bringing its network to more than 165 stores. The expansion occurred just as the COVID-19 pandemic placed severe pressure on brick-and-mortar retail. Paper Source filed for Chapter 11 bankruptcy protection in March 2021. During the restructuring, Barnes & Noble acquired the company. Reports in May 2021 said the transaction preserved approximately 130 stores and about 1,700 jobs. Barnes & Noble chief executive James Daunt was expected to oversee both businesses, while the companies planned to operate as separate brands and left open the possibility of future partnerships. In June 2021, Daunt appointed Jenica Myszkowski chief executive officer; Myszkowski had previously been Paper Source’s chief operating officer. The brand remains positioned around thoughtfully designed paper products, personal correspondence, celebrations, gifting, and hands-on creativity. Its retail proposition combines everyday stationery with seasonal merchandise, personalized products, and supplies for events and craft projects. Paper Source also has a documented connection to calligraphy education: Meghan, Duchess of Sussex, worked as a calligraphy instructor at the company’s Beverly Hills store from 2004 to 2005.
History
Paper Source began in 1983 when Susan Lindstrom established a stationery business inspired by the refined paper culture she encountered during a trip to Japan. The first store opened in Chicago’s River North neighborhood and presented handcrafted papers from around the world. The original concept was narrower than the later retail business, but it created the foundation for a brand built around material quality, distinctive design, correspondence, and paper-based creativity. The company gradually developed into a specialty retailer offering both functional and celebratory products. Its assortment came to include greeting cards, custom invitations and announcements, personalized stationery, stamps, gift wrap, gifts, party supplies, and paper-craft kits. This combination allowed Paper Source to serve everyday correspondence as well as weddings, parties, holidays, gifting occasions, and creative hobbies. Ownership and management changed as the retailer expanded. In 2007, Brentwood Associates purchased a majority stake, and Sally Pofcher became chief executive officer. Under Pofcher, the store network grew from roughly 20 locations to 100. Lindstrom retired as chief creative officer in 2009. In 2013, Investcorp acquired the company, continuing its development as a national specialty retail chain. Paper Source reached its 100th store in 2015. That year, Winnie Park was hired as chief executive officer, and the company opened a large warehouse in Forest Park, Illinois, to support its distribution requirements. The expansion reflected the operational needs of a growing store network and a broad assortment that included both small paper goods and larger seasonal, gift, and party products. In March 2020, Paper Source acquired 30 stores from Papyrus after that stationery retailer entered bankruptcy. The acquisition increased Paper Source’s footprint to more than 165 stores, but it also coincided with the onset of the COVID-19 pandemic, which disrupted physical retail and created significant challenges for store-based specialty merchants. Paper Source filed for Chapter 11 bankruptcy in March 2021. The restructuring culminated in a sale to Barnes & Noble. Reports in May 2021 indicated that the transaction preserved about 130 stores and approximately 1,700 jobs. Barnes & Noble chief executive James Daunt was to oversee both companies, although the two brands were expected to operate independently, with potential partnerships left open. In June 2021, Daunt appointed Jenica Myszkowski chief executive officer; she had previously served as Paper Source’s chief operating officer. The company’s documented retail identity remains centered on design-conscious paper goods, personal stationery, greeting cards, invitations, gift presentation, celebrations, and creative activity. Paper Source also has a connection to calligraphy instruction through Meghan, Duchess of Sussex, who worked at the Beverly Hills branch as a calligraphy instructor from 2004 to 2005.
- 2021
Chapter 11 restructuring and Barnes & Noble acquisition
[1]Paper Source filed for Chapter 11 protection and subsequently emerged under Barnes & Noble ownership.
- 2020
Papyrus store acquisition
[1]Paper Source acquired 30 stores from bankrupt stationery retailer Papyrus and grew to more than 165 stores.
- 2015
100th store and Illinois warehouse
[1]Paper Source opened its 100th store, appointed Winnie Park CEO, and opened a large warehouse facility in Forest Park, Illinois.
- 2013
Acquisition by Investcorp
[1]Investcorp purchased Paper Source from its prior ownership group.
- 2009
Founder left chief creative officer role
[1]Susan Lindstrom retired as Paper Source’s chief creative officer.
- 2007
Majority investment by Brentwood Associates
[1]Brentwood Associates acquired a majority stake, and Sally Pofcher became chief executive officer.
- 1983
Paper Source founded in Chicago
[1]Susan Lindstrom founded Paper Source and opened its first store in Chicago’s River North neighborhood after being influenced by Japanese stationery and handcrafted papers.
Products and positioning
A design-led specialty retailer for distinctive stationery, paper products, greeting cards, gifting, celebrations, and creative projects, emphasizing craftsmanship, personalization, and visually expressive merchandise.
Stationery
Stationery and personalized stationery
Paper Source’s stationery assortment includes writing paper and personalized paper products designed for correspondence, notes, and gifting. The category reflects the company’s original emphasis on attractive, tactile paper and extends that identity into customized formats.
Paper goods
Greeting cards
Greeting cards are a core part of the retailer’s assortment, serving birthdays, holidays, thank-you messages, celebrations, and other personal occasions. They complement Paper Source’s broader focus on correspondence and expressive design.
Personalized paper
Custom invitations and announcements
The custom paper business provides invitations and announcements for events and personal milestones. These products extend the brand from ready-to-buy stationery into personalized event communication and celebration planning.
Gifting
Gift wrap and wrapping accessories
Paper Source offers gift wrap and related paper goods for presenting gifts. The category connects the brand’s paper expertise with seasonal shopping, celebrations, and gift-giving occasions.
Craft
Paper craft kits
Paper craft kits provide materials and project-oriented products for hands-on creative activities. They broaden the retailer’s role beyond stationery and support customers interested in making, decorating, and paper-based hobbies.
Celebration supplies
Party supplies
Party supplies serve celebrations and events, complementing invitations, announcements, cards, and gift wrap. This assortment positions Paper Source as a source for coordinated paper and decorative needs around occasions.
Gifts
Gifts
The gift assortment adds non-stationery merchandise to Paper Source’s paper-led retail concept. Gifts are presented alongside cards, wrapping products, and celebration goods, supporting occasion-based shopping.
Brand decisions
2021
Chapter 11 bankruptcy filingOtherBackground
Paper Source filed for Chapter 11 protection in March 2021 after its store network had expanded and during a period of severe disruption for physical retail.
Action taken
The company entered a court-supervised restructuring process.
Aftermath
Barnes & Noble acquired Paper Source, with reports indicating that approximately 130 stores and about 1,700 jobs were preserved.
2021
Sale to Barnes & NobleM&ABackground
The sale followed Paper Source’s Chapter 11 restructuring and was intended to preserve a substantial portion of the retailer’s store network and workforce.
Action taken
Barnes & Noble acquired Paper Source and placed it under the oversight of James Daunt while indicating that the two brands would operate independently.
Aftermath
Paper Source continued as a distinct brand within the Barnes & Noble ownership structure, with possible future collaboration left open.
2021
Appointment of Jenica Myszkowski as CEOStrategyBackground
Following the acquisition, Barnes & Noble leadership reorganized executive oversight of Paper Source.
Action taken
James Daunt appointed Jenica Myszkowski chief executive officer; she had previously been Paper Source’s chief operating officer.
Aftermath
The appointment provided executive continuity from within Paper Source during its post-bankruptcy ownership transition.
2020
Acquisition of 30 Papyrus storesM&ABackground
Papyrus had entered bankruptcy, creating an opportunity for Paper Source to acquire selected retail locations and expand its national store footprint.
Action taken
Paper Source acquired 30 Papyrus stores, taking its network to more than 165 locations.
Aftermath
The expansion increased Paper Source’s physical presence shortly before the COVID-19 pandemic and the company’s subsequent 2021 Chapter 11 filing.
Recent events
Reported
Paper Source files for Chapter 11 bankruptcy[2]
Paper Source filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Virginia and said it would continue operating while seeking to reorganize its debt.
Reported
MidCap Financial agrees to bid for Paper Source assets[2]
Paper Source said MidCap Financial agreed to serve as the initial bidder to purchase the retailer's assets for up to $88.8 million; the sale was expected to close in about 90 days.
Reported
Paper Source launches virtual workshops and Kids Club subscription boxes[3]
Paper Source launched virtual workshops for children and adults and a monthly Kids Club subscription box with craft supplies and digital how-to videos.
- Unconfirmed
Reported
Paper Source acquires leases for 30 Papyrus stores[4]
Paper Source purchased the leases for 30 closed Papyrus stores for $575,000, according to the report.
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