Paperchase has started its closing down sale at a store in Nottingham after the company was bought by Tesco. Signage has been put up at its outlet in Clumber Street in the city centre.
On them read messages such as "everything must go", "all stock reduced" and "store closing down". Paperchase announced that it had gone into administration on Tuesday, January 31.
Later that day Tesco revealed it had bought the company, with it understood the supermarket giant was only interested in its brand and intellectual property, not its stores. Jan Marchant, managing director of home and clothing at Tesco, said at the time: "Paperchase is a well-loved brand by so many, and we’re proud to bring it to Tesco stores across the UK.
Read more: Paperchase staff face uncertain future as brand bought by Tesco
"We have been building out plans to bring more brands and inspiration to the ranges we currently offer, and this will help us to take those plans further. We look forward to sharing more with our customers in due course."
Paperchase has been facing rising costs, poor sales and criticism for the alleged lack of payments to suppliers after the last buyout less than six months ago. It has been a difficult period for retail as sales have dipped amid an ongoing cost of living crisis, recession fears and rising operating bills.
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