"We have created an experience that focuses on unique products and services you can't find anywhere else," CEO Winnie Park said in a statement. To that end, Paper Source has worked to differentiate its assortment from competitors. "Over 65% of the assortment is exclusive to Paper Source with their designs, exclusive colors and product innovations being central to the brand's success," the company said in the release. In a press release on the acquisition, Paper Source expressed confidence in its business, detailing that the company sells more than 10 million cards annually, and has posted double-digit growth in card and gift categories since 2015. footprint will nearly be as large as that of Papyrus when it finally filed for bankruptcy. With the acquisition, Paper Source's U.S. Ultimately, the retailer was pursuing a sale and talking with landlords to gain concessions, but in December, American Greetings stopped shipping products, which had "an immediate negative impact," Boucher said. Papyrus' parent also acquired American Greetings' retail unit in 2009, which left the company with over 500 stores, and the costs associated with refurbishing and closing some of those locations. He noted that the company took on debt to pursue a rapid expansion, which "led to a period of over-leverage" around the same time as the financial crisis. The footprint Papyrus had may have been part of the problem, Craig Boucher, a senior managing director with Mackinac Partners and a restructuring officer for the retailer's parent SFP Franchise Corporation when it filed, said in court papers. The stationery chain entered court with plans to shutter its total footprint of 254 stores, 178 of which are in the U.S. Retrieved August 10, 2016.Papyrus closed many more stores in bankruptcy than the 30 Paper Source is acquiring. "Executive Suite: Papyrus CEO Dominique Sherman Says It Is A Misnomer That 'You Can Have It All' ". "Some Papyrus stores reopening as Paper Source locations". "Papyrus, The US Leading Specialist Card Retailer Closes All Stores". "How Papyrus greeting cards still connect". "Schurman Retail Group: Crafting a real paper success". "Beloved stationery shop Papyrus closing all stores".
The chain is perhaps best known for its high-end greeting cards that often incorporated items like buttons, fabric, leather, zippers, glitter, and other embellishments. Papyrus sold a variety of luxury paper products including a selection of stationery and greeting cards. 30 of their closed stores were picked up by Paper Source by early March 2020. On January 17, 2020, liquidation sales began in all stores under the management of Gordon Brothers. On January 16, 2020, it was announced that all 260 remaining Papyrus and other Schurman retail stores would be closing.
A number of these stores were eventually rebranded as Papyrus stores. In 2009, Papyrus's parent company, Schurman Retail Group, purchased all 346 American Greetings retail shops. By 2005, the company operated around 146 Papyrus retail shops.
At that time, there were around 37 Papyrus stores nationwide, and the company was bringing in $10 million per year. In 1991, Dominique Schurman became the CEO of Schurman Fine Papers and Papyrus. In the 1980s, the company began domestic production of Papyrus products. Over the next five years, more Papyrus stores opened around the United States, and the company soon began selling franchises. The original store was opened for less than $1,000 and featured a variety of fine art-inspired greeting cards, postcards, and other paper products. Arlington VA 5.21 km PAPYRUS 5457 Wisconsin Avenue. It began as the retail wing of Schurman Fine Papers (now, the Schurman Retail Group). 20007 - Washington-DC Open 3.55 km PAPYRUS 1100 South Hayes St. The first Papyrus retail shop was opened in 1973 by Margrit Schurman in Berkeley, California.
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