What is going on with Paper Source?
The stationery chain filed for bankruptcy on March 2 and was forced to close stores, cut jobs and reduce the pay of senior managers. Paper Source had purchased 30 new stores from its competitor Papyrus just weeks before the pandemic hit in March 2020.
Is Paper Source going out of business?
Weeks before the coronavirus pandemic hit in March 2020, Paper Source bought 30 stores from its competitor Papyrus, following that company’s liquidation. Now, the company will close 11 of its stores but continue operating its other retail locations and e-commerce website.
How many paper source locations are there?
130
Paper Source/Number of locations
Who owns the paper source?
Pine Holdings, Inc.
Paper Source/Parent organizations
Did papyrus go out of business?
Weeks after Papyrus’ filed for bankruptcy with plans to shut down all its stores, Paper Source is acquiring 30 of those stores in “key markets.” Paper Source said it will rebrand those stores “within three months,” with some stores opening this month, and the rest opening in April, according to a company press release.
Who is the CEO of Paper Source?
Winnie Park (Sep 2015–)
Paper Source/CEO
Winnie Park, CEO of Paper Source said: “All of us at Paper Source are delighted with Elliott’s investment in the brand and look forward to working with them, and with James and the team at Barnes & Noble.
Are paper source and papyrus the same?
Paper Source Acquires 30 Papyrus Stores, Expanding Their Presence Amidst U.S. Retail Closures. CHICAGO, March 2, 2020 – Paper Source, a premier lifestyle brand and gift retailer, today announced their acquisition of 30 shuttered Papyrus stores, growing their footprint to over 165 stores by early 2020.
What is a stationery company?
A stationery business sells custom printed and designed paper products for event promotions and personal announcements, such as weddings or baby showers.
Does Paper Source Own Papyrus?
In March 2020, Paper Source acquired 30 stores from bankrupt stationery retailer Papyrus. With this acquisition, Paper Source has over 165 stores.
Who bought papyrus?
Papyrus (company)
| Type | Private |
|---|---|
| Key people | Dominique Schurman (CEO) |
| Products | Greeting cards Stationery Custom printing Gifts Journals Gift wrap |
| Parent | Schurman Retail Group |
| Website | www.papyrusonline.com |
Why are Papyrus stores closing?
Papyrus, the greeting card and stationery chain, will close all its stores in the United States and Canada after its parent company filed for bankruptcy, another casualty of the long-running decline of mall-based retail.