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About 900 workers are at risk of losing their jobs as Paperchase prepares to close all of its 106 stores
About 900 workers will lose their jobs at Paperchase because all stores are closed.
The gift and stationery chain went into administration last month. The brand was subsequently bought by Tesco.
But the deal did not include the 106 stores or staff and Begbies Traynor administrators began looking for a buyer.
Job losses: Gift and stationery chain Paperchase fell into administration last month. The brand was subsequently bought by Tesco
But they said yesterday that the sale of “all or part of the remaining Paperchase business” was now unlikely. The stores will remain open a little longer while the remaining stock is shifted.
But the stationery shop, founded in 1968 by two art students, will then close, making it the latest household name to disappear from British high streets.
It was purchased just six months ago by retail investor Steve Curtis. He was involved with Tie Rack and Jigsaw and wanted to see the retailer grow to 150 stores in the coming years.
But the company collapsed after years of weak sales. Shops in transportation hubs were hit hard by the pandemic and then by train strikes that drove out commuters.
It came a month after fashion chain M&Co went bankrupt, leading to the closure of 170 stores and nearly 2,000 job losses.
The Center for Retail Research said the industry has had a ‘brutal start’ to the year with nearly 15,000 jobs cut so far.