Exhibit 99



NEWS RELEASE
____________


Gibson Greetings Announces Definitive Agreement to Sell The Paper
Factory of Wisconsin, Inc.

     CINCINNATI, Aug. 17/PRNewswire/ -- Gibson Greetings Inc.
(Nasdaq:  GIBG) today said it has reached a definitive agreement
to sell 100% of the capital stock of The Paper Factory of
Wisconsin, Inc. for approximately $36 million in cash to PFW
Acquisition Corp.  
     The Paper Factory, based in Appleton, Wisconsin, operates
180 party goods stores in 40 states under the names Paper
Factory, Greetings 'n More and Great Party.  The Paper Factory
recorded net sales of $86.1 million for the fiscal year ended
December 31, 1997.  
     The transaction, which is subject to customary closing
conditions, is expected to close within a few weeks.  Under terms
of the pact, Gibson will continue to supply The Paper Factory
with Gibson product.
     "The sale of The Paper Factory will allow us to focus on
positioning the Company for future growth through innovative
product development, dynamic retail programs and strategic
acquisitions," said Frank J. O'Connell, Gibson chairman,
president and chief executive officer.  "The cash raised from the
sale will provide significant financial resources to expand the
business and pursue new opportunities."  
     "This is a positive development for both organizations,"
said William Heeter, president of The Paper Factory.  "This
transaction will provide us with an opportunity to aggressively
develop our business in an expanding category, while also
maintaining our vendor relationship with Gibson."  
     Mr. Heeter said he does not anticipate any management or
staff changes at The Paper Factory following the completion of
the transaction.  
     Gibson Greetings, Inc., an industry innovator in the
greeting card business, is pursuing a growth strategy of
marketing relationship-fostering products that provide strong
entertainment value.  This is being achieved by developing
proprietary new products, negotiating major licensing agreements
and deploying high-energy shopping environments in a wide
spectrum of major retail stores.  Gibson manufactures and
distributes more than 24,000 individual relationship
communication products (over 5,000 new products in the past
year), including greeting cards, gift wrap, party goods, licensed
products and Silly Slammers, America's favorite "toyz that make
noize."  E-mail greetings featuring Gibson content are available
through Greet Street (www.greetst.com), in which Gibson holds a
minority equity interest.  

     For more information on Gibson Greetings, please visit our
web site at www.gibsongreetings.com or the Silly Slammers site at
www.sillyslammers.com