Some 900 staff set to lose their jobs as Paperchase prepares to close all its 106 stores
Around 900 staff will lose their jobs at Paperchase as all its stores are closed.
The reward and stationery chain fell into administration final month. The model was then purchased by Tesco.
But the deal didn’t embrace its 106 stores or employees and directors from Begbies Traynor went on the hunt for a purchaser.
Job losses: Gift and stationery chain Paperchase fell into administration final month. The model was then purchased by Tesco
But they stated yesterday the sale of ‘all or a part of the remaining Paperchase enterprise’ was now unlikely. The stores will keep open for a bit of longer whereas the remaining inventory is shifted.
But the stationer, arrange in 1968 by two artwork college students, will then shut down, making it the most recent family identify to disappear from Britain’s excessive streets.
It was purchased simply six months in the past by retail investor Steve Curtis. He was concerned in Tie Rack and Jigsaw and needed to see the retailer develop to 150 stores over the subsequent few years.
But the agency collapsed after years of feeble gross sales. Its stores in transport hubs had been onerous hit, with the pandemic after which rail strikes driving commuters away.
It got here a month after style chain M&Co went bust, main to the closure of 170 stores and practically 2,000 job losses.
The Centre for Retail Research stated the trade has suffered a ‘brutal begin’ to the 12 months with practically 15,000 jobs axed to date.
