Paperchase launches discounts ahead of 106 stores shutting forever – but huge closing down sale may follow
PAPERCHASE is running a 20% off sale online ahead of 106 stores closing forever.
Earlier this week the stationery retailer collapsed into administration after it failed to find a buyer.
Supermarket giant Tesco quickly stepped up to buy rights to the brand, as they plan to sell Paperchase items in stores.
The Sun then revealed yesterday that administrators were planning to liquidate the business, closing all of the 106 stores and putting 1,000 jobs at risk.
When a business is liquidated, they will look to sell stock for as much as possible to pay back creditors.
It’s understood that administrators will hold off on deeper discounting, such as a closing down sale, until a final decision has been made on when to close the 106 shops.
Stores could disappear off the high street within weeks but the process could take up to two months.
Shoppers with gift cards are being urged to redeem them as soon as possible as they won’t be accepted after two weeks.
The company opened its first store in 1968 in Kensington, London.
In 2010, it launched its website and its first standalone store in Ireland in Dundrum, Dublin, in 2020.
In 2021 the company fell into administration but was sold weeks later.