Mall staple Papyrus has filed for bankruptcy and will close all 254 of its stores in the US and Canada
Schurman Fine Paper, which owns the brand, filed for Chapter 11 bankruptcy Thursday in a Delaware court. The company is closing all 254 of its US and Canada stores. More than 1,000 employees will lose their jobs.The company got its start in 1950 selling cards and imported stationary wholesale, before expanding into retail stores in 1973.
Shoppers are also increasingly sending emails or texts instead of buying cards. CVS and Walmart have reduced space for greeting cards in recent years.Read MoreSchurman chose to file for Chapter 11 bankruptcy protection because it will"provide the best process under the circumstances to maximize value for all of their stakeholders." Papyrus posted a comment on their Facebook page confirming the closure and thanking customers.
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