Some 900 workers are set to lose their jobs as Paperchase prepares to close all of its 106 stores
Around 900 workers will lose their jobs at Paperchase as all of its stores will be closed.
The gift and stationery chain fell into administration last month. The brand was later acquired by Tesco.
But the deal did not include its 106 stores or Begbies Traynor’s staff and directors went looking for a buyer.
Job losses: Gift and stationery chain Paperchase fell into receivership last month. The brand was later acquired by Tesco
But they said yesterday that the sale of “all or part of the remaining Paperchase business” was now unlikely. Stores will stay open a little longer while remaining stock is shifted.
But the stationery, established in 1968 by two art students, will then close, making it the last known name to disappear from Britain’s high streets.
It was bought 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 over the next few years.
But the business collapsed after years of poor sales. Its stores in transport hubs have been hit hard, with the pandemic and then rail strikes driving commuters away.
It came a month after fashion chain M&Co went bankrupt, closing 170 stores and nearly 2,000 job losses.
The Center for Retail Research said the industry had suffered a “harsh start” to the year with nearly 15,000 jobs cut so far.