LRC served as sole restructuring counsel to SFP. SFP was a fine greetings card, stationery and gift retailer that owned and operated 254 stores, which operated under the trade names Papyrus, Paper Destiny and American Greetings/Carlton Cards, in the United States and Canada that was headquartered in Goodlettsville, Tennessee. On January 23, 2020, SFP filed its chapter 11 cases in the United States Bankruptcy Court for the District of Delaware. LRC prepared all operational motions in connection with the Chapter 11 Cases and advised SFP with respect to all issues associated with the Chapter 11 Cases. LRC led six (6) separate sale processes (the “Sales”) as part of a concerted effort to maximize the value of SFP’s assets. The Sales included, among others, a going-out-of-business sale process for SFP’s retail locations and website as well as the sale of certain retail store leases and certain furniture, fixtures and equipment to Paper Source, Inc. On August 13, 2020, SFP confirmed a plan of liquidation which provided for the establishment of a liquidation trust to make distributions to unsecured creditors.
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