Stationery chain Papyrus, with four area stores, to close following bankruptcy filing

papyrus

Papyrus has four Colorado locations, including one at the Denver Pavilions along 16th Street Mall. (Cassidy Ritter)

Another greeting card store is closing up shop.

Papyrus plans to close all of its locations after parent company Schurman Retail Group filed for Chapter 11 bankruptcy last week.

Papyrus has four Colorado locations in local malls: Cherry Creek Shopping Center, Denver Pavilions along the 16th Street Mall, Park Meadows and Flatiron Crossing. The company sells calendars, gift wrap, gifts, greeting cards and more.

This news comes as two Hallmark stores are set to close in Denver, one in Cherry Creek and the second along Colorado Boulevard.

Store employees confirmed all locations are closing but didn’t know when. On Friday, the company’s website said all items are 20% to 40% percent off and sales are final.

Goodlettsville, Tennessee-based Schurman Retail Group filed in Delaware District Court as Schurman Fine Papers, the company’s original name. The company has approximately 1,100 employees and owns 254 stores, according to the filing. In addition to Papyrus, it also owns the Carlton Cards, American Greetings and Paper Destiny brands.

Marcel and Margrit Schurman founded the company in 1950. The first Papyrus store opened in 1973 in Berkeley, California.

In its Jan. 23 filing, the company said it owes approximately $54.9 million and has approximately $39.4 million in assets.

The filing goes on to say the company, which in part blamed “the general downturn in the brick-and-mortar retail industry,” tried to recapitalize or sell the business. But those efforts fell apart in December, leading the company to file for bankruptcy.

papyrus

Papyrus has four Colorado locations, including one at the Denver Pavilions along 16th Street Mall. (Cassidy Ritter)

Another greeting card store is closing up shop.

Papyrus plans to close all of its locations after parent company Schurman Retail Group filed for Chapter 11 bankruptcy last week.

Papyrus has four Colorado locations in local malls: Cherry Creek Shopping Center, Denver Pavilions along the 16th Street Mall, Park Meadows and Flatiron Crossing. The company sells calendars, gift wrap, gifts, greeting cards and more.

This news comes as two Hallmark stores are set to close in Denver, one in Cherry Creek and the second along Colorado Boulevard.

Store employees confirmed all locations are closing but didn’t know when. On Friday, the company’s website said all items are 20% to 40% percent off and sales are final.

Goodlettsville, Tennessee-based Schurman Retail Group filed in Delaware District Court as Schurman Fine Papers, the company’s original name. The company has approximately 1,100 employees and owns 254 stores, according to the filing. In addition to Papyrus, it also owns the Carlton Cards, American Greetings and Paper Destiny brands.

Marcel and Margrit Schurman founded the company in 1950. The first Papyrus store opened in 1973 in Berkeley, California.

In its Jan. 23 filing, the company said it owes approximately $54.9 million and has approximately $39.4 million in assets.

The filing goes on to say the company, which in part blamed “the general downturn in the brick-and-mortar retail industry,” tried to recapitalize or sell the business. But those efforts fell apart in December, leading the company to file for bankruptcy.

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Leave a Reply

Your email address will not be published. Required fields are marked *