// Paperchase launches 20% off sale following its administration and rescue by Tesco

// The stationery retailer plunged into administration earlier this week

Paperchase has launched a 20% off sale following its administration

The stationery retailer plunged into administration earlier this week, appointing Begbies Traynor to handle the process, with Tesco buying its IP and brand but not its 106 stores.

Begbies Traynor are trading Paperchase’s operations in the short term with all stores remaining open.

Paperchase’s website now shows the message: “Stock up on more of your favourite Paperchase pieces with at least 20% off everything”.

Subscribe to Retail Gazette for free

Sign up here to get the latest news straight into your inbox each morning

Tesco’s acquisiton of the Paperchase brand will see the grocer bring its products to its supermarkets.

Tesco managing director of home and clothing Jan Marchant said: “Paperchase is a well-loved brand by so many, and we’re proud to bring it to Tesco stores across the UK.

“We have been building out plans to bring more brands and inspiration to the ranges we currently offer, and this will help us to take those plans further. We look forward to sharing more with our customers in due course.”

However, Paperchase’s 106 UK stores are set for closure. Currently all store staff have been retained by Begbies Traynor, however 75 head office staff were let go on Tuesday.