Major high street retailer Paperchase is reportedly lining up administrators, with four Glasgow branches at risk.
It comes after the company was put up for sale just four months after a change of ownership, with the search for buyers continuing amid an uncertain retail landscape. The high street giants boasts around 100 stores UK wide, with 11 in Scotland - four of which are situated in Glasgow, with outlets on Buchanan Street, Byres Road, and at Braehead and Silverburn shopping centres.
Bosses at the international stationery supplier are now seeking a deal to save the chain, according to reports,
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A previous rescue deal allowed many stores to stay open, saving around 1,000 jobs. However, Paperchase has previously fallen into administration, with 90 of its 127 stores sold to new owner Aspen Phoenix NewCo back in April last year, with 37 shutting up shop for good at that time.
It remains uncertain whether or not stores in Glasgow will close, with all stores remaining open and continuing to take orders online as things stand.
The stationery supplier joins the list of businesses struggling in today's financial climate, with the likes of Topshop, Debenhams and more recently M&Co falling victim to the pandemic aftermath and ongoing difficult financial conditions.
Local restaurants have also struggled to stay afloat, with Glasgow's Tuk Tuk taking the decision to close on Tuesday (January 17).
A spokesperson for Paperchase said: "We confirm that we have retained BTG and PWC to advise Paperchase on strategic options, including the sale of the business as a going concern to new owners.
"Talks are continuing with a number of interested parties.
"All Paperchase stores and the website will continue to trade as normal during this period. We can’t comment further on this process until discussions with interested parties have been concluded."
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