- American Greetings card retailer Papyrus is closing around 260 stores around the country
- The stores shall close within a four to six week period
- The cite offers 20% off, “everything must go,” after “current challenges of the retail industry” damaged sales and greeting card demand among consumers
Lately, America has witnessed an apparent exodus of retailers. Chains announce more closings as shopping moves online. Major brands file for bankruptcy.and adjust their catalog to suit new demands. Another brand recently faced hardships overwhelming other retailers. Papyrus, a stationery chain, is reportedly closing stores around the country.
According to its website, Papyrus currently has around 260 locations. But just as Valentine’s Day approaches, stores now display “everything must go” signs. Elsewhere, other Papyrus stores offer discounts on all goods to prepare for the closing.
Papyrus is closing stores even after things seemed positive
Based in Goodlettsville, Tennessee, Papyrus was founded in 1950 by Marcel and Margrit Schurman. Around 1,400 employees work at its stores, according to USA Today. American shopping trends contributed to the need to close Papyrus stores. According to analysts, people are sending out fewer cards. When they do, they are digital alternatives.
But larger numbers showed what could have been a turnaround for greeting cards. According to the National Retail Federation, the greeting card industry enjoyed some growth over the last few years. Last Valentine’s Day, the industry brought in $933 million. That marks an increase from $894 million in 2018.
At the end of the day, it’s actually too little too late
Like changes in diary consumption, decreases in card sales caused other stores to cut back on their stock of them. For example, Walmart and CVS are or plan to cut back on their greeting card section. This, in turn, further hurts Papyrus sales, driving store closures. Schurman announced the start of this major closing with regret, stating, “Despite our Herculean efforts to realign our Papyrus and American Greetings stores to fit today’s shopping environment, Dominique Schurman Retail Group had to make the difficult decision to close all 254 of our stores in North America.” Dominique Schurman is the CEO of Papyrus parent company Schurman Retail Group. Schurman Retail Group, in turn, owns the American Greetings card brand.
Ultimately, the “current challenges of the retail industry” became overwhelming for Papyrus. As a result, Schurman Retail group hired liquidation firm, Gordon Brothers to assist with their going-out-of-business sales. Closings of most stores shall occur over a four to six week period. Like other major brands, from popular industries or obscure ones, Papyrus may have to adapt to a digital shopping era of changing trends.