Is Paper Source closing?

Is Paper Source closing?

The stationery chain filed for bankruptcy on March 2 and was forced to close stores, cut jobs and reduce the pay of senior managers. Like many retailers, Paper Source’s sales fell last year due to Covid pandemic shutdowns, capacity restrictions, and a wave of canceled weddings and events hurt sales of invitations.

Who owns the paper source?

Pine Holdings, Inc.Paper Source / Parent organization

How many locations does Paper Source have?

129Paper Source / Number of locations

Is paper source a small business?

Small stationery designers received a shock last week when Paper Source, a popular retail chain and dream customer for many small makers, declared bankruptcy. The company, which is now planning to sell itself to lenders and close 11 of its retail locations, has stated that pandemic-related debts caused this decision.

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

What type of store is Paper Source?

Stationery Stores
Stationery Stores, Wedding Invitations, Gifts & More | Paper Source.

Does Paper Source carry Papyrus?

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.

Are Paper Source and Papyrus the same?

Including the Papyrus stores, Paper Source has 165 stores nationwide. Bahrain-based Investcorp Bank BCS owns Paper Source, which it bought in 2013. Last month, Schurman Fine Papers, which owns Papyrus, filed for Chapter 11 bankruptcy protection, closing 254 stores, including six in Illinois.

Who owns Papyrus now?

Schurman Retail GroupPapyrus / Parent organization

Why is Carlton Cards closing?

Schurman said the closures were a “difficult decision” necessitated by the company being unable to “realign our … stores to fit today’s shopping environment.” ‘The closures will not affect the publishing of Carlton Cards or their sale in other stores. Those aspects of the business are handled by a separate company.

How much do you make at Paper Source?

How much does Paper Source pay? The average Paper Source salary ranges from approximately $32,496 per year for a Key Holder to $77,646 per year for a Store Manager. The average Paper Source hourly pay ranges from approximately $14 per hour for a Part Time Sales Associate to $24 per hour for an Assistant Manager.