After more than 70 years in business, Palace Art & Office supply will close its last retail location in Capitola sometime in early 2022, Director of Operations Mark Rispaud said.
The company will focus on its Palace Business Solutions division, which sells office supplies to businesses, school districts and city municipalities.
“That is a thriving end of the business, and that will continue,” Rispaud said.
The company is making the news public early to give its 20 employees notice and so its customers won’t be surprised by an abrupt closure, he said.
The announcement came after declining sales in an era where consumers are increasingly turning to online retailers.
“We haven’t seen growth in the last few years,” Rispaud said. “But we’ve seen growth in all our operating expenses. The property values continue to go up, and the cost of taking care of our employees continues to go up, and insurance and maintenance and everything else. But our sales and margins have flat-lined.”
Rispaud gave no definitive date for closure, but said the store at 1501-K 41st Ave. in Capitola will stay open through the 2021 holiday season.
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August 07, 2021 at 01:35AM
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