Paperchase could reportedly be set to collapse and appoint administrators as soon as Tuesday.
Sky News reports that the stationary chain could appoint insolvency practitioners from Begbies Traynor on Tuesday.
The latest development comes after weeks of talks with potential buyers. The administrators are Begbies Traynor
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"Insiders" told the news outlet that even though Paperchase's shareholders remain in discussions with more than one potential buyer, the sale of the business is now focused on a pre-pack administration deal.
It is unclear how many stores and jobs could potentially be put at risk by another administration process. There are currently 101 Paperchase stores in the UK and Ireland, with two outlets in Belfast - at Forestside Shopping Centre in the east of the city and on Arthur Street in the city centre.
This is the second time within the last two years that the retailer has been on the brink of administration with the first notice to appoint administrators having been made in January 2021.
The near collapse of the chain, like many others, was due to Covid-19 after it saw sales slide on the back of significantly lower footfall due to lockdown measures.
The accountancy firm PwC was appointed as the administrator at the time and Paperchase managed to secure a rescue deal with the newly-formed company Aspen Phoenix Newco, which was backed by Permira Debt Managers.
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