These Two Toilet Paper Companies Just Filed For Bankruptcy
This quarantine staple might just be in short supply once again following this announcement.
The availability of toilet paper—a frequently stockpiled household staple amid the coronavirus pandemic—could be in question once again now that two major toilet paper companies have filed for bankruptcy. Read on to discover which brands are taking the hit. And for more insight into where paper products might soon be in short supply, These 4 Stores Are Limiting How Much Toilet Paper You Can Buy Again.
New Hampshire-based Gorham Paper and Tissue and White Mountain tissue companies, which make "a range of tissue and towel products" sold in stores throughout North America, are potentially in limbo now that the Gorham Paper Mill—in which the two companies are located, and which supplies their paper pulp—has filed for bankruptcy, the New Hampshire Union Leader reports. The mill's parent company, Delaware-based Zohar III Corp., filed for Chapter 11 bankruptcy protection in its home state on Nov. 4.
However, there is a light at the end of the tunnel for the two paper products manufacturers. Behrens Investment Group has agreed to purchase the Gorham Paper Mill's assets for $8.75 million, which may help mitigate any potential job losses.
After a meeting with those involved in the bankruptcy process, Mike Waddell, chairman of the town of Gorham's Board of Selectmen, said, "I have never felt more positive about the future of the mill."
This isn't the first time the paper mill has filed for bankruptcy and recovered; in 2011, the mill exited the bankruptcy process after being purchased by Zohar III.
Of course, the two paper brands are far from alone in their need to restructure amid the fallout from COVID-19—read on to discover which other stores are shutting their doors. And for more insight into how coronavirus is affecting retail, find out if Your Dunkin' Donuts Could Be Closing for Good by the End of the Year.
Read the original article on Best Life.
Furniture Factory Outlet
Furniture Factory Outlet, a home goods company with 68 locations throughout the United States, announced its filing for Chapter 11 bankruptcy protection in Wilmington, Delaware, on Nov. 5. The news followed the closure of half of Furniture Factory Outlet's stores, with Donald Roach, the company's CFO and COO, admitting that supply and demand issues amid the pandemic had "dropped the company's revenue to nearly zero overnight." And for more businesses that are struggling, check out This Beloved Beauty Brand Is Closing Stores Nationwide.
Outdoor goods and apparel company Columbia Sportswear is closing some of its stores in light of reduced brick-and-mortar spending due to COVID. The company, which had already shuttered eight stateside stores and one in Europe by late October, didn't specify how many additional stores would be closing, but did confirm that closures were on the horizon. "We continue to evaluate [our] portfolio and anticipate closing additional underperforming stores," said Tim Boyle, the company's president and CEO. And for more news about your favorite stores, sign up for our daily newsletter.
Popular pet supply chain Pet Valu announced in November that it would be closing all of its 358 U.S. stores and warehouses. "After a thorough review of all available alternatives, we made the difficult but necessary decision to commence this orderly wind down," said the brand's chief restructuring officer, Jamie Gould, in a statement. And if you want to keep your pets safe, find out why Petco Just Took This Controversial Product Off Its Shelves.
Carter's and OshKosh B'Gosh
Children's clothing company Carter's, which also owns the beloved kidswear brand OshKosh B'Gosh, announced in October that it would be closing 200 stores. "Nearly 60 percent of those closures may occur by the end of the year," said Carters CEO and chairman Michael Casey, who noted that 80 percent of the chain's planned closures would take effect by 2022. And for more insight into which of your favorite clothing stores are shutting down, beware that You Won't Be Able to Shop at This Store at the Mall Again.