Paper Covers Rock—Party Supply Store Files Bankruptcy

Written by CFB Blogger. Posted in Blog

Papertown, a long-time favorite party supply store in Raleigh, North Carolina, has turned out the lights for the last time. T&C Creations, parent company of the independent, locally-owned shop, filed for Chapter 7 bankruptcy two days after owner, Teresa Wooster, announced on the store’s Facebook page that the store would be shuttering operations. According to a recent article in the Triangle Business Journal by Amanda Jones Hoyle, bankruptcy documents revealed that Papertown showed a loss of some $19,300 in 2012 and $71,435 in 2013. Craig Wooster is listed as the company’s largest creditor. T&C Creations’ only reported assets are four computers, a Muzak system, shelving and office supplies, and approximately $7,200 in inventory consisting of party supplies, boxes, bags and envelopes. In a bighearted announcement, Wooster recommended that customers move their support to another locally-owned party supply store, If It’s Paper. Across the United States, smaller “mom-and-pop” stores have faced stiff competition as national chains have made inroads and web-based companies continue to capture additional market share. In this case, it is the national chain, Party City, which helped spell the demise of the “little guy”. Similar cases have been noted when Wal-Mart, Sam’s Club, Walgreen’s and other so-called mega-stores appear on the scene. Good-bye to Mom & Pop, hello to Mega-retailers. If you have been thinking about filing Chapter 7 or Chapter 13 personal bankruptcy due to failed real estate or other investments, contact the attorneys at Client First Bankruptcy. We are experienced and knowledgeable in the field of all aspects of personal bankruptcy. Hiring a Client First Bankruptcy attorney to counsel you through the process and provide representation may be the key to your financial freedom.  We have helped thousands of consumers like you discharge their debts.  For your free initial phone consultation, please call us toll-free at 800-383-6004 today or log onto www.clientfirstbankruptcy.com for more information. Our well-informed and compassionate attorneys answer their phones Monday through Friday from 8:30 a.m. – 6:00 p.m. Central Time. Give us a call now; you and your family deserve a secure and happy future.