Stationery seller Papyrus will shutter all of its retail stores after its parent company filed for bankruptcy.
Schurman Fine Papers, the Tennessee-based firm that operates the artsy greeting-card retailer, plans to close all of its 254 locations and sell off their inventory, bankruptcy court papers show.
Schurman, which employs 1,100 people in the US, expects to shut down the stores by the end of February, it said in a court filing Thursday. The company operates 178 stores in the US and 76 in Canada under the Papyrus, American Greetings, Carlton Card and Paper Destiny brands, filings show.
Papyrus is offering discounts of 20 to 40 percent on its website, where visitors are greeted by a banner saying “ALL SALES FINAL.”
“The Papyrus brand lives on and we hope you will still find joy in it,” Papyrus wrote in a statement posted to its Facebook page.
Schurman blamed its bankruptcy on the general downturn in the retail industry as well as its unique financial struggles. The company was grappling with higher product costs and the capital costs of renovating or closing several older stores it acquired in 2009, according to court records.
Papyrus traces its roots back to 1950, when Marcel and Margrit Schurman founded a greeting-card and stationery company in their family kitchen. The first Papyrus store opened in Berkeley, California, in 1973 and the company grew into a chain with stores nationwide.
In a 2009 deal, Schurman sold its wholesale business and the Papyrus brand to American Greetings and acquired the greeting-card giant’s retail business in the US and Canada, giving Schurman more than 500 stores in those countries, according to court records.
Papyrus is just the latest big retailer to go bankrupt. Beloved New York grocery chain Fairway Market filed for bankruptcy on Thursday, following in the footsteps of high-end fashion retailer Barneys New York.
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January 25, 2020 at 01:32AM
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Papyrus closing all stores after parent firm files for bankruptcy - New York Post
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