Papyrus Store Closing

PAPYRUS, A MALL STAPLE THAT SELLS STATIONERY AND UPSCALE GREETING CARDS, IS GOING OUT OF BUSINESS

(CNN) – A mall staple is going out of business.

Papyrus, best known for selling stationery and upscale greeting cards is folding.

Schurman fine paper, which owns the brand, filed for Chapter 11 bankruptcy on Thursday.

It’s closing all 254 of its stores in the U.S. and Canada.

And more than a thousand workers will be out of a job.

The company blamed an over expansion of stores, the brick-and-mortar shopping downturn and its inability to fully recover from the 2008 financial crisis.

The company started in 1950 selling cards and imported stationery wholesale, before expanding into retail stores in 1973.

It grew to 500 stores, including its American Greetings, Carlton cards and Paper Destiny brands.

Categories: Business