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Greeting Cards Retailer Papyrus Files for Bankruptcy, Plans to Close StoresGreeting Cards Retailer Papyrus Files for Bankruptcy, Plans to Close Stores By Jonathan Randles Jan. 23, 2020 5:47 pm ET Greeting cards and stationery retailer Papyrus filed for bankruptcy Thursday with a plan to close all its stores in the U.S. and Canada after it was unable to find a buyer to keep its stores and sister outlets, American Greetings, Carlton Cards and Paper Destiny, in business. Schurman Fine Papers, which runs the greetings cards business, operates 254 retail stores and employs about 1,100 salaried and hourly workers in the U.S. The Tennessee-based business expects to finish store-closing sales by the end of February, according to papers filed in the U.S. Bankruptcy Court in Wilmington, Del. The parent company was attempting to sell or recapitalize the business, but in December its supplier terminated its agreements with Papyrus claiming it was in default under the deal. At that point, Schurman Fine Paper pivoted to preparing a bankruptcy filing, court papers said. Papyrus’s operator blamed its bankruptcy on the industry downturn that for years has roiled bricks-and-mortar retailers as well as what it described as unique operational and performance problems which eroded its profits. |
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