Around 900 workers will lose their jobs at Paperchase as all its stores are closed.
The gift and stationery chain fell into administration last month. The brand was then bought by Tesco.
But the deal did not include its 106 stores or staff and administrators from Begbies Traynor went on the hunt for a buyer.
Job losses: Gift and stationery chain Paperchase fell into administration last month. The brand was then bought by Tesco
But they said yesterday the sale of ‘all or part of the remaining Paperchase business’ was now unlikely. The stores will stay open for a little longer while the remaining stock is shifted.
But the stationer, set up in 1968 by two art students, will then shut down, making it the latest household name to disappear from Britain’s high streets.
It was bought just six months ago by retail investor Steve Curtis. He was involved in Tie Rack and Jigsaw and wanted to see the retailer grow to 150 stores over the next few years.
But the firm collapsed after years of feeble sales. Its stores in transport hubs were hard hit, with the pandemic and then rail strikes driving commuters away.
It came a month after fashion chain M&Co went bust, leading to the closure of 170 stores and nearly 2,000 job losses.
The Centre for Retail Research said the industry has suffered a ‘brutal start’ to the year with nearly 15,000 jobs axed so far.
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