Iconic greeting card company Hallmark has been in operation for more than 100 years, securing its spot as a household name for its distinct portfolio of cards, media productions and more.
But despite the brand’s legacy, paper companies have long-struggled to stay afloat and the Hallmark namesake is no exception.
Earlier this week, Banner’s Hallmark, an independently owned operator of Hallmark Gold Crown stores, filed for Chapter 11 bankruptcy protection.
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While these stores are not owned by Hallmark Cards Inc., they are licensed under the Hallmark brand and sell many Hallmark brand items.
Banner’s Hallmark and 40 of its affiliates filed for bankruptcy protection Sept. 15 for assets ranging from $10 to $50 million in value, Money Digest reports. The majority of these stores are based in Virginia.
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The company cited cash flow as a primary reason for filing and noted strains related “to the acquisition of seasonal retail products,” according to Money Digest.
In its filing, the company outlined plans to pay its outstanding debts and reorganize its business while continuing to operate its 39 local stores despite owing $14.7 million to its top three creditors collectively.