Papyrus announced yesterday that it was closing all of its 260 US stores. Retail Dive has the story.
In a letter to employees, Dominique Schurman, COO of Schurman Retail Group, which owns Papyrus stores, said the company would close its doors. The company has hired liquidation firm Gordon Brothers to assist with the going-out-of-business sales, according to the letter, viewed by Retail Dive.
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The company acquired the American Greetings and Carlton retail banners from American Greetings Corporation for $6 million plus equity in 2009. As part of the deal, Schurman sold its wholesale business to American Greetings. American Greetings Corporation — which last year was acquired by private equity firm Clayton, Dubilier & Rice — today makes Papyrus and the other brands that fill Schurman’s retail stores.
There is no coverage in press reports so far about what the move may mean, if anything, for the Papyrus card brand. That said, the store closure move will impact the card brand.