According to reports, Papyrus, a stationery chain, is closing all its stores in the United States . Retail Dive’s Ben Unglesbee claimed that Papyrus’ parent company, Schurman Retail Group plans to close all Papyrus retail stores. Although the brand was founded in 1950, the first Papyrus store opened in Berkeley, California in 1973. According to its website, the retailer is based in Goodlettsville (Tennessee) and has over 260 locations across the country.
Total Retail’s View: Another example of the problems brick-and-mortar retailers face today. Papyrus parent company Schurman Retail Group tried to negotiate lease terms for its stores but it seems that not enough concessions were made in order to save the locations. It is not yet clear if Papyrus’ wholesale and e-commerce sites will continue to operate. However, the company will be liquidating its stores. The company has hired liquidation firm Gordon Brothers to assist with the going-out-of-business sales. Unfortunately, Papyrus is predicting a similar fate for retailers who are too dependent on physical retail but don’t have enough digital businesses to offset the losses.
As part of the Turnaround Plan, Express to Close 100 Stores By 2022
CNBC reported that Express, a fashion retailer, announced plans to close approximately 100 of its stores by 2022 to cut costs. This plan will save Express $80 million annually over the next three-years. Express also announced it would be restructuring its workforce. This will have an impact on approximately 10 percent of its Ohio headquarters and its New York design studio jobs.
CNBC reported that nine out of 100 stores have already been closed. Another 31 are expected to close this month and 35 will be gone by January 2021. Express currently has 600 locations in the U.S. and Puerto Rico, including factory outlet locations. Express claims that by lowering its costs, it will increase its earnings before interest taxes, depreciation, and amortization by 15%, according to CNBC.
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Total Retail’s View: Express follows in the footsteps other retailers such as Gap, GameStop and Pier 1 Imports that reduced their physical footprints last yea in an effort to reduce costs. Express feels the pressure from the current apparel retail environment in which more people are shopping online, using subscription and rental services or cutting back on clothing spending. Express believes that closing down unprofitable stores will get the company back on track.
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