Schurman fine shuts all 254 papyrus stationary stores in Us and Canada
‘Death from a thousand emojis’: Close all 254 papyrus stationary stores
The card seller’s parent company, Schurman Fine Paper, applies for bankruptcy protection and says it will cut more than 1,000 jobs. Papyrus stationary stores that sell papyrus cards log off.
Papyrus stores closing in 2020
The company’s parent company, Schurman Fine Paper, has filed for bankruptcy and will close all 254 U.S. and Canadian papyrus stationary locations. The case is another blow to the store fronts, thousands of which have closed as customers become more interested in online alternatives. More than 1,000 Papyrus employees will lose their jobs. Is there any papyrus store near me.
The sale of greeting cards is declining as consumers are increasingly opting for the usability and immediacy of emails or text – or even “handwriting robots” – to convey their birthday, anniversary, and other emotions.
“It’s the death of a thousand emojis,” said Mark Cohen, director of retail studies at Columbia Business School.
Papyrus, headquartered in Tennessee, known for its high quality cards, stationery and trinkets, said that it had never come back completely after the collision of its rapid branch expansion with the Great Recession. The privately held company, which had sales of $ 157.5 million in fiscal 2019, could not find a buyer or renegotiate with its landlords or suppliers to keep costs down.
Schurman, who also owns the American Greetings, Carlton Cards, and Paper Destiny brands, filed for Chapter 11 protection on Thursday with the U.S. bankruptcy court in Delaware, and assets of $ 39.4 million and liabilities worth $ 54.9 million. The company plans to close 178 stores in 27 states and the District of Columbia, as well as 76 locations across Canada. Most stores will close in late February.
“We hope that our artistic, thoughtful greeting cards and personal expression products have inspired us to celebrate and honor the special people in your life,” wrote Papyrus on his Facebook page. Schurman did not respond to a request for comment on Friday.
The papyrus name doesn’t go away. Although Schurman does the business, the American Greetings brand is owned. In an email to the Washington Post on Friday, spokesman Patrice Molnar said American Greetings would continue to supply papyrus greeting cards and products to over 300 retailers across 20,000 locations in the United States and Canada.