The end is about for acclaimed anchored alternation Papyrus.
On Thursday, its ancestor company, The Schurman Retail Group, which additionally owns sister food Paper Destiny and American Greetings/Carlton Cards, filed for defalcation and said it would be closing all of its 254 food above the US and Canada. Around 1,100 workers will be impacted by these closings.
Reports of its accessible abundance closings alike beforehand this ages but account of its defalcation was aboriginal appear by Cleveland.com on Thursday.
Schurman Retail Group did not anon acknowledge to Business Insider’s appeal for animadversion but in a account aggregate with Cleveland.com, a agent said that the majority of food would bang in the abutting four to six weeks.
Schurman Retail Group was set up in 1950 as an importer and banker of greetings cards and jotter in the US. Over the advance of 20 years, it grew above the broad business to accessible its own locations; the aboriginal Papyrus abundance opened in 1973 in Berkeley, California.
At its aiguille in 2009, the aggregation had 500 food above the US and Canada afterwards it entered into a accord with American Greetings Corp that led to it accepting the retailer’s food above these two regions.
In the defalcation filing, it cited a aeon of overexpansion during the 2007-2009 recession and the actuality that it was affected to refurbish and abutting a ample cardinal of underperforming food that it acquired from American Greetings Corp in 2009, as the alpha of its issues. Since then, a “general downturn” in the brick and adhesive retail industry has additionally taken its assessment on sales.
The aggregation currently has assets of $39.4 actor and liabilities of $54.9 million. In the filing, it said that it has spent the accomplished two years acclamation its clamminess issues by negotiating for added favorable agreement with suppliers and rents with its landlords but ultimately, it wasn’t enough.
“Following its appraisal of all accessible options, the Aggregation bent that filing for Chapter 11 protection… is the best accessible advantage to aerate amount for the Aggregation and its stakeholders,” it acclaimed in the filing.
15 Paper Card Envelope – paper card envelope
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