James Cropper to Close All TPMS Paper Product Outlet Stores
Jan. 6, 2011 - UK specialty papermaker James Cropper said that it will close all of its remaining TPMS (The Paper Mill Shop) paper product outlet stores by the end of March.
"Following four years of losses and despite the best efforts of The Paper Mill Shop management team to bring this subsidiary back to profitability, the Board of James Cropper PLC has taken the decision to close and exit all remaining TPMS retail outlets by 31 March 2011," the company said in a written statement.
In the first half of 2010, James Cropper closed 3 under-performing TPMS outlets, reducing the number of remaining outlets as of September to 18 — compared to 24 outlets twelve months earlier.
James Cropper expects TPMS will incur a loss, including provision for all closure costs, of approximately £ 1.2 million in the current financial year.
TPMS's internet business, papermilldirect, will continue to trade but will become a profit center within James Cropper Speciality Papers Limited and will focus increasingly on a paper-based offering.
James Cropper plc is a specialty paper manufacturer of low volume, high quality uncoated and deep colored papers.
SOURCE: James Cropper plc