In August 2003, Paper Warehouse Inc. sold most of its assets to Party America, a competitor based in Alameda, CA, and stopped operating its business. The deal included Paper Warehouse's 62 corporate stores and its franchisee business, which includes 51 franchisees in 22 states.
At the time of the sale, the company essentially went out of its business. Paper Warehouse had filed for Chapter 11 in June of last year, and had started to close stores shortly thereafter.
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