Stationery Chain Papyrus to Close All of its Stores
Stationery chain Papyrus is reportedly closing all of its stores across the United States. Citing two anonymous sources, Retail Dive's Ben Unglesbee reported that the chain's parent company, the Schurman Retail Group, plans to close all Papyrus retail locations. The first Papyrus location opened up in Berkeley, California, in 1973, although the brand itself dates back to 1950. The Goodlettsville, Tennessee-based retailer runs over 260 stores across the country, according to its website.
Total Retail's Take: This is yet another example of the challenges that brick-and-mortar retail chains face today. Papyrus parent company Schurman Retail Group had been attempting to renegotiate lease terms for its stores, but apparently not enough concessions were made to help save the company's locations. While it's unclear yet if Papyrus' e-commerce site and wholesale business will remain in operation, the business will be conducting liquidation sales at it stores. The company has hired liquidation firm Gordon Brothers to assist with the going-out-of-business sales. Retailers that are over-leveraged in physical retail without a strong enough digital business to offset some of those losses are unfortunately doomed for a similar fate to Papyrus.