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Daily Record

Lifestyle

Rachel Williams

Tesco rescues Paperchase from administration as 106 shops at risk of closure

Paperchase United Kingdom Scotland Next Selfridges

Tesco has purchased stationary chain Paperchase after it became the latest high street retailer to collapse into administration.

The supermarket purchased the brand and intellectual property of Paperchase - but not its shops - hours after it fell into administration today. The move means Paperchase products will be sold at Tesco shops across the UK.

The move has sparked fears of store closures and job losses across the UK. The collapse could affect all of the retailer's standalone stores and concession branches that are currently located in select Next branches.

Scottish branches that could be affected include Braehead, Dundee, Edinburgh, Edinburgh Morningside, Glasgow Buchanan, Next Kirkcaldy, Next Straiton, Perth, Silverburn and St Andrews.

The news comes as the stationary chain, which operates 106 stores and employs 820 staff members, has failed to secure a rescue deal.

The retailer will continue to trade as normal with shoppers being encouraged to redeem any gift cards, as they won't be valid after two weeks.

This is the second time in two years that Paperchase has slipped into administration after the retailer closed 37 stores across the UK in 2021.

It is the second time the retailer has slipped into administration since 2021 (Manchester Evening News)

Jan Marchant, managing director of Home and Clothing at Tesco, said: "Paperchase is a well-loved brand by so many, and we're proud to bring it to Tesco stores across the UK.

"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."

Earlier on Tuesday, administrators confirmed that there has been interest in purchasing the Paperchase brand, but it would mean being sold to a new owner - meaning stores and jobs would be affected.

A statement from the joint administrators said: "Unfortunately, despite a comprehensive sales process, no viable offers were received for the Company, or its business and assets, on a going concern basis.

"However, there has been significant interest in the Paperchase brand and attendant intellectual property."

Read on for a full list of Paperchase stores across Scotland and the rest of the UK.