Lion Ribbon Texas Corp., formerly part of IG Design Group plc, is a designer, manufacturer, and distributor of consumer products for crafting, gifting, and stationery, including gift wrap, ribbons, sewing patterns, toys, and creative play products under 50+ brands. The company operated multiple business divisions including Creative Play/Toys (Anker Play), Seasonal, Craft, and Ribbon, employing approximately 1,467 people worldwide. Revenue declined 16% to $500.3 million in FY24 from a peak of $614 million in FY2021. IG Design Group sold its Americas operations to Hilco (HUK 168 Limited) for $1 on May 30, 2025. On July 3, 2025, 22 debtor entities filed Chapter 11 in the Southern District of Texas (Case No. 25-90164) following the second consecutive year of revenue decline, the liquidation of major customer JOANN, reduced consumer spending, trade tariffs, and the inability to fund inventory for the holiday season. At filing, the Debtors carried approximately $15.8 million in prepetition secured debt from a Hilco affiliate plus approximately $105.7 million in unsecured liabilities. HCS 107, LLC (Hilco affiliate) provided a $53 million DIP facility including approximately $37.8 million in new money at Prime + 9.50%. The company pursued a dual-track strategy: liquidation of the ribbon division and going-concern sales of other business units to WIPHA Holdings, Advantus Corp., Carousel Worldwide, CBC Group, and others. The liquidating Plan was confirmed on December 22, 2025, with an effective date of January 16, 2026. General unsecured creditors are projected to recover 35%-88%.
