Remaining Paperchase stores set to fold
The remainder of open Paperchase shops are to close after the retailer’s administration process failed to find any further investment.
In January, Tesco purchased Paperchase’s brand and intellectual property, but not its stores.
Administrators from insolvency practitioners Begbies Traynor said on Tuesday that they did not anticipate any further sale of all or part of the business.
Paperchase’s remaining stores will continue to trade at a discount while stocks last, while the retailer suspended online trading on February 17.
Some 106 stores are set to close, at the cost of around 900 jobs.
Paperchase previously went into administration in January 2021, and was later purchased by retail investor Steve Curtis, before being put up for sale again four months later.