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yesterday

Banner’s Hallmark Files Chapter 11, Vows to Keep 39 Virginia Stores Open

The family-owned retailer seeks to restructure debts after seasonal inventory financing strained cash flow.

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Banner's Hallmark stores in Virginia file for Chapter 11 bankruptcy
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Overview

  • Banners of Abingdon LLC filed on Sept. 14 in the U.S. Bankruptcy Court for the District of Columbia, listing main case number 25-00378 alongside roughly 40 affiliate cases.
  • The Chapter 11 petition reports both assets and liabilities in the $10 million to $50 million range.
  • Largest unsecured creditors include Hallmark Marketing Company (about $6.4 million), Crown MAC (about $5.3 million) and PNC Bank (about $3 million).
  • The company operates 39 independently owned Hallmark Gold Crown stores across Virginia under a licensing arrangement.
  • Filings cite cash-flow pressure tied to seasonal inventory and a need to reassess leases, with a stated goal of stabilizing ahead of the holiday period.