Paperchase has failed to find a buyer for its remaining assets, which means the remaining 106 shops will close with 900 job losses.
The name and intellectual property was bought by Tesco earlier this month, but administrator Begbies Traynor said it was “not anticipated that there will be any further material sale of all or part of the remaining business”.
The stores will remain open for the near future and offer discounts of up to 50 percent while their stock lasts.
Read More: Philips axes 6,000 employees in a second round of job cuts
Its internet store ceased taking orders on February 17.
After first appointing administrators in January 2021, Paperchase has been on the verge of going into administration twice.
Need Career Advice? Get employment skills advice at all levels of your career
The Times said that after the company failed for the second time last month, the retailer’s unsecured creditors were left having to deal with £20 million from its first administration period.
Source: Retail Gazette
Follow us on YouTube, Twitter, LinkedIn, and Facebook