1,500 jobs at risk as Paperchase slips towards administration
Some 1,500 jobs could be at risk after Paperchase revealed it is set to appoint PwC as administrator.
The stationery chain, which has 127 stores and 45 concessions, was hit by a round of store closures at the end of 2020. Before that it had undergone a company voluntary arrangement (CVA) in early 2019.
A spokesman said: “The cumulative effects of lockdown 1.0, lockdown 2.0 – at the start of the Christmas shopping period – and now the current restrictions have put unbearable strain on retail businesses across the country.
“Paperchase is not immune despite our strong online trading. Out of lockdown we’ve traded well, but as the country faces further restrictions for some months to come, we have to find a sustainable future for Paperchase.
“We are working hard to find that solution and this NOI (Notice of Intent to appoint administrators) is a necessary part of this work. This is not the situation we wanted to be in.
“Our team has been fantastic throughout this year and we cannot thank them enough for their support.”