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 .
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.
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.
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