The Stationers Guild

In what promises to be a fascinating story, a significantly downsized Swoozies appears to be emerging from bankruptcy and liquidation.  According to the Atlanta Business Chronicle, Gart Capital, a private equity firm headquartered in Denver, Colorado has formed a new company with the former co-founder of Swoozies, Kelly Plank-Dworkin, to re-open eight stores in the southeast and their online store.

The Atlanta-based Swoozies filed for Chapter 11 bankruptcy on March 3 and closed 43 stores in 15 states.  The abrupt closure of Swoozies left many suppliers holding significant claims against the company which have now largely been written-off.    It is difficult to see what Gart Capital and Kelly Plank-Dworkin intend to do with the company since Swoozies stiffed so many creditors and its business model doesn’t seem to have legs.  Furthermore, the Internet is already crowded with online resellers and it is difficult to see how the Swoozies name will carry much weight in cyberspace.

Time will tell, but it is certainly a story worth following.