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WASHINGTON, D.C. — Banner’s Hallmark, a family-owned chain of greeting card and gift stores, has filed for Chapter 11 bankruptcy protection after decades in business.
Banners of Abingdon LLC, formerly known as Banners Hallmark Shop, along with its affiliated debtor entities, filed earlier this week in the U.S. Bankruptcy Court for the District of Columbia.
In the filing, the company cited cash flow difficulties related to how seasonal retail items are acquired and financed, a need for strategic reassessment of retail leasing arrangements and an intent to continue operating all 39 stores during the reorganization process.
The filing lists both assets and liabilities in the range of $10 million to $50 million. Banner’s Hallmark and 40 affiliated entities are seeking to reorganize while continuing operations. The company owes its top three creditors, Hallmark Marketing Company, Crown MAC and PNC Bank, more than $14 million combined.
According to Money Digest, Banner’s Hallmark plans to reassess leasing agreements and streamline operations to stabilize its finances.
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Secure Complaint RMAI Certified Broker