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GIBSON GREETINGS, INC. - AGREEMENT TO ACQUIRE THE PAPER FACTORY

 CINCINNATI, April 21 /PRNewswire/ -- Gibson Greetings, Inc. (NASDAQ: GIBG) today announced the execution of an agreement to acquire The Paper Factory of Wisconsin, Inc., located in Appleton, Wis. The Paper Factory, founded in 1985, operates 106 retail stores located primarily in manufacturers' outlet shopping centers in the Midwest, South and West. The stores feature a wide variety of paper party products, gift wrap and related items. Management will be retained and will continue operations, in Appleton, as a wholly owned subsidiary. The closing of the transaction is subject to customary closing conditions.
 Benjamin J. Sottile, chairman, president and chief executive officer commented that in the overall market for the retail sale of paper party products, gift wrap and related items, The Paper Factory was the largest operator within that part of the market operated by retail paper party products stores in manufacturers' outlet shopping centers. These centers are typically removed from major metropolitan areas and are primarily located close to heavily traveled interstate highways in locations that do not compete with the accounts to which Gibson traditionally has marketed its products.
 Additionally, The Paper Factory's experience and expertise in the retailing of paper party products will accelerate Gibson's research efforts regarding merchandising techniques and new product development in the rapidly growing party segment of the social expression industry, thus benefitting its traditional customers and enhancing the growth prospects for its Store Within A Store concept. Sottile added that The Paper Factory's strong, seasoned, management team, combined with its history of profitable operations, were important factors in the transaction.
 Jack Rohrbach, president of The Paper Factory, stated that he was pleased that his group was going to become associated with Gibson and looked forward to maintaining The Paper Factory's record of controlled growth. Rohrbach added that Gibson's expertise in merchandising, combined with its strong financial position, were expected to support both the product value concept, which The Paper Factory has developed over the years for its customers, in addition to new store openings. Manufacturers' outlet shopping centers typically feature products from such well known companies as Nike, Bass, Mikasa, Van Heusen, North Face and Liz Claiborne.
 -0- 4/21/93
 /CONTACT: Ward A. Cavanaugh, vice president-finance, Gibson Greetings, Inc., 513-841-6675/
 (GIBG)


CO: Gibson Greetings, Inc; The Paper Factory ST: Ohio, Wisconsin IN: PAP REA SU: TNM

BM -- CL027 -- 8915 04/21/93 16:02 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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