The e-commerce shift saw shoppers move over to Amazon and Walmart online for office supplies, while less demand saw remote and hybrid work sharply reduce office supply needs. There's also a foot traffic drop, where in-store visits and small-business purchasing both declined.
"It [tax] doesn't even need to go up to 50%. If it went up to anywhere like 40% or even 35% there is no profit in the business. We would have to close it down. I'm talking job losses. We're talking probably 7,500,"