Paper Source acquires 30 stores of bankrupt gift retailer Papyrus
Paper Source, a Chicago-based stationery and gift retailer has acquired 30 closed stores of the bankrupt lifestyle brand and gift retailer Papyrus in the US for an undisclosed price.
In January 2020, Schurman Fine Papers, the parent company of the greeting card and stationery chain filed for bankruptcy. As a result of which, Schurman Fine Papers is closing all its 254 stores, including the Papyrus brand and also the American Greetings and Carlton Card chains, as reported by The New York Times.
Through the acquisition, Paper Source will expand to more than 165 stores early this year. Additionally, it will generate more than 300 new jobs across the distribution center and store fleet.
The stationery and gift retailer said that the acquisition of the closed Papyrus stores will enable it to introduce its unique experience to new communities while expanding in important markets such as Manhattan while expanding its fleet by 22%.
Winnie Park – Paper Source CEO said: “Like Papyrus, we believe in embracing life’s moments. We want to honour that mission while also bringing the best of Paper Source to customers who value our mix of product and experience.”
Established in 1983, Paper Source is said to have sold more than ten million cards a year. Since 2015, the greeting card and stationery chain is claimed to have seen double-digit growth across its card and gift categories.
Winnie Park said: “We have created an experience that focuses on unique products and services you can’t find anywhere else.
“Our stores are a respite – we are a happy place where you can discover new products and we are a destination for creating something personal. We try to make it fun for anyone who walks through the doors.”
Paper Source plans to convert and rebrand the acquired Papyrus stores in the next three months. The first wave of rebranded stores is slated to open this month, while the remaining stores will open next month.