Stationery seller Papyrus will shutter all of its retail stores after its parent company filed for bankruptcy.
Schurman Fine Papers, the Tennessee-based firm that operates the artsy greeting-card retailer, plans to close all of its 254 locations and sell off their inventory, bankruptcy court papers show.
Schurman, which employs 1,100 people in the US, expects to shut down the stores by the end of February, it said in a court filing Thursday. The company operates 178 stores in the US and 76 in Canada under the Papyrus, American Greetings, Carlton Card and Paper Destiny brands, filings show.
Papyrus is offering discounts of 20 to 40 percent on its website, where visitors are greeted by a banner saying “ALL SALES FINAL.”
Papyrus is just the latest big retailer to go bankrupt. Beloved New York grocery chain Fairway Market filed for bankruptcy on Thursday, following in the footsteps of high-end fashion retailer Barneys New York.