Store Closings: Papyrus and Fairway Updates
The retail industry is about to suffer more store closings.
Greeting card and stationery chain Papyrus is closing its stores and New York grocer Fairway Market’s future is in question, according to reports.
Most of the 254 Papyrus store closings will take place over four to six weeks, USA Today reports.
Schurman Retail Group (SRG), parent company of Papyrus, American Greetings, Carlton Cards, Paper Thread, and more, was founded in 1950 as an importer of European paper products.
“Despite our Herculean efforts to realign our Papyrus and American Greetings stores to fit today’s shopping environment, Schurman Retail Group had to make the difficult decision to close all 254 of our stores in North America," Dominique Schurman, CEO of SRG said in a statement sent to the USA TODAY Network's Indianapolis Star.
The Papyrus website was advertising 20% off all full-priced items, all sales final, at time of press.
Meanwhile, the New York Post reported New York City grocery chain Fairway Market is planning to file for a Chapter 7 bankruptcy, which means the grocery chain does not currently have a plan to continue to exist. However, Fairway denied it was closing all of its stores, saying it was in talks to keep some stores operating, and made this announcement on Twitter:
“Despite reports, Fairway Market has no intention to file for chapter 7 or liquidate all of its stores. All 14 stores remain open for business, offering a complete range of high quality, specialty food products, and we look forward to seeing our customers and employees.”