Prices were already cut by 20% to 40% on the Papyrus website and all sales are final.
The company apparently has hired a liquidation firm to direct going out of business sales, The Chicago Tribune and Retail Drive reported.
Papyrus was found in 1950 by Marcel and Margrit Schurman as an importer of European paper products, CBS News reported.
It currently has about 1,400 store employees, USA Today reported.
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