Papyrus stores to close across the country, including Broomfield

BROOMFIELD — Schurman Fine Papers Corp., parent company of the Schurman Retail Group that operates 254 stores in the United States and Canada under the retail names of Papyrus, Paper Destiny, American Greetings and Carlton Cards, has filed Chapter 11 bankruptcy and is closing all of its stores.

A Papyrus store in the Flatiron Crossing Mall in Broomfield is among the stores closing, as well as three others in the metro Denver area. Exact dates for closures were not readily available Friday.

The company filed its bankruptcy action in the District of Delaware. It cited overexpansion and the weakening brick-and-mortar retail economy for its financial problems.

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The action lists $39.4 million in assets and $54.9 million in liabilities.

Schurman rapidly expanded during the Great Recession and made strategic moves that turned out to be a drag on operations. According to the bankruptcy filing, it sold its wholesale business to American Greeting Corp. but bought American Greetings retail business. It also bought back franchise operations to extend its company store reach.

The store closures will affect about 1,100 employees, according to the filing.