// All 106 remaining Paperchase stores will close as administrators fail to find a buyer for the retailer’s remaining assets
// The stationary retailer’s online store ceased trading last Friday
The remaining 106 Paperchase stores are to close as administrators fail to find a buyer for the retailer’s remaining assets, resulting in 900 redundancies.
This comes as Tesco snapped up the stationery retailer’s brand and IP out of administration earlier this month.
Begbies Traynor said yesterday that it was “not anticipated that there will be any further material sale of all or part of the remaining business”.
Subscribe to Retail Gazette for free
Sign up here to get the latest news straight into your inbox each morning
The remaining stores will continue to trade in the short-term offering up to 50% off while stocks last.
Its online store ceased trading on February 17.
This is the second time Paperchase has been on the brink of administration having first appointed administrators back in January 2021.
It was reported in The Times that the retailer’s unsecured creditors have been stuck with a £20m bill from its first period in administration after the business collapsed for the second time last month.
Click here to sign up to Retail Gazette‘s free daily email newsletter
