Grand Traverse Industries (GTI) has ceased operations of Paperworks Studio. In a statement released by GTI Thursday morning, the company said it was "unable to secure bridge funding necessary to assume a full takeover of Paperworks."

Paperworks produced a popular line of handmade recycled greeting cards make by individuals with disabilities. Former operator Goodwill Industries announced in November that it was working to find a new operator for the business after the organization's new strategic plan refocused its workforce development on creating more employment opportunities rather than on running a business.

Paperworks and Goodwill entered into a six-month joint management agreement effective March 2. Goodwill was the underwriter for operations in March and then GTI was responsible from April on. GTI President/CEO Steve Perdue tells The Ticker that community support dollars didn't materialize as expected so the decision to discontinue operations was made.

"We were very invested these last six to eight weeks and felt good about our chances [about the ownership transition]," says Perdue. But without the bridge funding, the takeover simply isn't possible.

"There is a lot of disappointment," adds Perdue, around losing a beloved paper-making company. "But this isn't the end of employment opportunities."

Perdue says ten people with significant disabilities are now in employment training at GTI, other individuals have found new positions within Goodwill or were offered severance packages.