Insolvency news | Paperchase enters administration with all jobs likely to be lost.

High Street stationery store Paperchase officially entered Administration yesterday. With no buyers taking an interested in taking on the company's brick and mortar shops and physical assets, it appears supermarket retailer Tesco has agreed a deal to buy the brand only. Jan Marchant, MD at Home and Clothing at Tesco said "Paperchase is a well-loved brand by so many, and we're proud to bring it to Tesco stores across the UK". It appears Tesco will not be taking on Paperchase's more than 100 stores across the United Kingdom and Ireland which puts around 820 jobs at risk.

Two weeks ago Paperchase announced it was for sale after struggling to recover from the pandemic. The company had previously been in administration in 2021 and had restructured then and it now appears to be one of the first casualties as the high street constricts further due to people struggling to cope with soaring bills and the cost of living crisis.

Read more here:
https://www.theretailbulletin.com/general-merchandise/tesco-acquires-paperchase-brand-and-ip-01-02-2023/