Stationery chain Paperchase is on the brink of administration after the impact of the coronavirus pandemic hammered sales.
The collapse of the high street retailer would put 145 stores and 1,500 jobs at risk, as originally reported by The Daily Telegraph.
Paperchase has issued a notice to appoint administrators imminently, with PwC set to handle the process.
The retailer suffered massive losses during the festive season as its stores were forced to close during much of November and December when it would typically earn 40% of its annual sales.
Paperchase’s collapse is the first of the year after 2020 was plagued with the decline of high street stalwarts including Debenhams, Edinburgh Woolen Mill Group and Arcadia.
A Paperchase spokesperson said the pandemic had put “unbearable strain on retail businesses across the country”.
They added: “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 notice of intention 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.”
No comments yet