Jan 3, 2014 at 11:22 am
GOLDEN VALLEY, Minn. (AP) — The Golden Valley-based scrapbook supply company Archiver's says it's going out of business and will close its stores by mid-February.
In a statement on its website, the 14-year-old company says the industry, as well as customer needs, have changed resulting in declining sales and mounting losses. The company says it has 33 stores in 18 states and employs about a dozen people at each location.
Archiver's says that over the past four to five years, a weak economy and new technology has impacted retailers in the craft industry. The company streamlined operations, tried new products, but says its stores no longer generate the sales needed to support the business.
Archiver's filed for bankruptcy protection last April.
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