Paper Source announced that it has acquired 30 shuttered Papyrus locations, giving it a total of more than 165 stores nationwide. The greeting cards, stationery and gift retailer plans to rebrand the Papyrus stores, with the first wave of converted locations expected to open sometime in March.
In January, Schurman Fine Papers, parent company of Papyrus, filed for Chapter 11 bankruptcy protection with plans to close all its 254 locations in the U.S. and Canada.
“Like Papyrus, we believe in embracing life’s moments,” said Winnie Park, CEO of Paper Source. “We want to honor that mission while also bringing the best of Paper Source to customers who value our mix of product and experience.”
Since 2015, Paper Source has seen double-digit growth in card and gift categories, which the company credited largely due to its commitment to design and curation. Over 65% of the assortment is exclusive to Paper Source. A commitment to the customer experience is also key to its strategy, the company said.
“We have created an experience that focuses on unique products and services you can’t find anywhere else,” says Park. “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 bring the best of its mix to the new Papyrus doors.