US stationery retailer Papyrus is preparing to close all of its more than 260 physical stores throughout the country.
Brand owner Schurman Retail Group’s COO Dominique Schurman broke the news in a letter to all staff, citing “current challenges of the retail industry”, explaining that the firm had been “diligently working to revitalize our business” during the previous months, without success.
Liquidation firm Gordon Brothers will help with sales as the firm drops off the brick-and-mortar retail map, having traded via its physical outlets since 1973.
“This decision is heartbreaking for me, personally of course,” said Schurman, “and also because I know how dedicated you all have been to your stores and this company”.
At present, it is unclear whether or not the firm will file for bankruptcy.
The company will reportedly maintain its online store and its wholesale business which distributes Papyrus-branded greeting cards to other retailers.