The company hired administrators PwC earlier this month as sales fell when Covid-19 restrictions bit across the UK.
A deal was secured to rescue the stationer with a sale to Aspen Phoenix NewCo, but 37 of its 127 stores will shut.
‘This sale has preserved jobs, customer relationships and maintained a trading partner for suppliers despite one of the most challenging economic climates for many years,’ said Zelf Hussain, PwC joint administrator and restructuring partner.
‘For retailers with a solid strategy there is a genuine chance to work out a viable solution for longer-term recovery where an online focus can co-exist with a significant high street presence. Our primary role will be to maintain the store estate and support all staff during the transition period.’
Paperchase employed 1,278 staff in its stores, head office and distribution centre.
Paperchase sells greeting cards, wrap, gifts and stationery.
It operates concessions in several department stores such as House of Fraser, Selfridges, Fenwicks and Next.
Combined with its store portfolio, Paperchase has had successful online presence.
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