The future of around 100 Paperchase stationery and greeting card shops in the UK is in doubt after the brand was acquired by supermarket chain Tesco.
Paperchase went into administration earlier today (31 January), just months after it was acquired by retail entrepreneur Steve Curtis. Tesco has bought the Paperchase brand name and intellectual property rights in a pre-pack agreement, but the deal does not include any of Paperchase’s shops – which employ more than 800 staff.
The likelihood, therefore, is that the stores will close, making Paperchase the latest UK high street retailer to fail. Tesco, meanwhile, will pick up a recognised brand name that it can develop for its own stationery offering.
“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,” said Tesco’s Managing Director of Home and Clothing, Jan Marchant, in a statement.