Papertown store shuts down, seeks bankruptcy protection
Posted on Monday, April 14th, 2014 at 10:04 pm
Due to economic hardships and its inability to maintain its stores, Raleigh’s Papertown store recently shut down and filed for Chapter 7 bankruptcy, the Triangle Business Journal reported on April 4.
Its parent company, T&C Creations Inc., sought bankruptcy protection on March 31, days after its owner Teresa Wooster posted a message on Facebook about the closing of the company. Bankruptcy documents show that the company had a debt in 2012 of at least $19,300, and $71,435 the following year. Teresa’s husband is listed as the largest creditor with a debt of almost $51,300.
The company’s assets listed several computers, office supplies, and nearly $7,200 worth of store inventory.
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