Brick and adhesive food that we anticipation would never abandon are now creating abandoned retail landscapes. USA TODAY
Greeting agenda and jotter chain Papyrus is closing its food in addition draft to the ailing industry.
Most of the 254 closings will booty abode over four to six weeks, said Dominique Schurman, CEO of Papyrus ancestor company Schurman Retail Group, in a account Tuesday.
Founded by Marcel and Margrit Schurman in 1950, Goodlettsville, Tennessee-based Schurman has about 1,400 advisers at its stores.
“Despite our Herculean efforts to realign our Papyrus and American Greetings food to fit today’s arcade environment, Schurman Retail Accumulation had to accomplish the difficult accommodation to abutting all 254 of our food in North America,” Dominique Schurman said in a account beatific to the USA TODAY Network’s Indianapolis Star.
On Thursday, the retail accumulation filed for Chapter 11 defalcation protection. Court annal appearance of the 254 stores, 178 are amid in 27 states and Washington D.C. and the aggregation has 1,000 U.S. employees. The added food are in Canada.
The Papyrus website advertised 20% to 40% off all items Thursday and said all sales were final. Earlier in the week, the abatement was 20% off full-priced items.
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Messages left by USA TODAY for several Schurman Retail Accumulation executives, including the CEO and COO, were not anon returned.
Many Americans gave up cards in favor of agenda alternatives, or they accelerate beneath cards amid above holidays such as Christmas and Valentine’s Day, analysts said.
Major retailers, including CVS and Walmart, accept cut aback or advised acid aback on shelf amplitude for greeting cards, and agenda companies accept bankrupt hundreds of locations.
Retail amplitude active by greeting agenda food beneath by added than 27% from 2013 to 2018, according to absolute acreage abstracts close CoStar Group.
Kevin Hourican, admiral of CVS Pharmacy, told USA TODAY in an account in 2019 that centralized aggregation abstracts showed greeting cards slumping.
“More and added bodies are application argument and email and e-cards, and beneath bodies are affairs cards,” Hourican said.
Greeting cards charge a accord note: CVS, Walmart assertive to cut aback as cards abatement out of favor
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There are auspicious signs in some genitalia of the industry, including exceptional cards that amount added than $10, account cards that amount beneath than $1 and alone options.
Americans bought about 6.5 billion greeting cards in 2019, according to the Greeting Agenda Association.
American Greetings awash some of its retail food to Schurman Retail Accumulation years ago. The greeting cards cast makes Papyrus and Carlton Cards for Schurman Retail Group, agent Patrice Molnar said in an email to USA TODAY.
American Greetings “supplies and sells Papyrus greeting cards and added Papyrus-branded products” to added than 300 added retailers throughout the USA and Canada. Those sales will abide “without any interruption,” Molnar said.
Contributing: Holly V. Hays, Indianapolis Star
Follow USA TODAY reporters Kelly Tyko and Nathan Bomey on Twitter: @KellyTyko and @NathanBomey
Read or Share this story: https://www.usatoday.com/story/money/2020/01/21/papyrus-store-closings-2020-all-254-north-america-stores-shutter/4534533002/
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