Banner's Hallmark in Virginia Files for Chapter 11 Bankruptcy

Banner's Hallmark, a card and gift store chain in Virginia, has filed for Chapter 11 bankruptcy.

This type of bankruptcy allows the company to reorganize its debts while still staying open.

The stores are facing financial issues related to how they buy and finance seasonal items.

Despite the bankruptcy filing, all approximately 40 stores will continue to operate.

The company aims to reassess its leases as part of the restructuring process.

Banner's Hallmark has grown from a single store to a chain of stores across Virginia.