Papyrus to Close All Stores
- 4 years ago
Papyrus to Close
All Stores The popular mall staple, known
for selling stationery and greeting
cards, will close all 254 stores. Schurman Fine Paper, the store’s parent
company, filed for Chapter 11 Bankruptcy
in a Delaware Court Thursday. More than 1,000 employees will
lose their jobs in the U.S. and Canada. Papyrus noted the decline of brick-and-mortar shopping and an inability to recover from the 2008 financial crisis as reasons for their closing. The company got its start in 1950
before expanding to retail stores in 1973.
All Stores The popular mall staple, known
for selling stationery and greeting
cards, will close all 254 stores. Schurman Fine Paper, the store’s parent
company, filed for Chapter 11 Bankruptcy
in a Delaware Court Thursday. More than 1,000 employees will
lose their jobs in the U.S. and Canada. Papyrus noted the decline of brick-and-mortar shopping and an inability to recover from the 2008 financial crisis as reasons for their closing. The company got its start in 1950
before expanding to retail stores in 1973.