In August 2003, Paper Warehouse Inc. sold most of its assets toParty America, a competitor based in Alameda, CA, and stoppedoperating its business. The deal included Paper Warehouse's 62corporate stores and its franchisee business, which includes 51franchisees in 22 states.

At the time of the sale, the company essentially went out of itsbusiness. Paper Warehouse had filed for Chapter 11 in June of lastyear, and had started to close stores shortly thereafter.

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