Paperchase has secured a rescue deal which will preserve around 1,000 jobs and the majority of stores after tumbling into administration.
However, the high street card retailer said 37 of its 127 stores will shut their doors permanently despite the move.
Administrators revealed that newly formed company Aspen Phoenix Newco, which is backed by Permira Debt Managers, is to take control of the retailer.
Paperchase hired administrators from PwC after it saw sales slide on the back of significantly lower footfall amid coronavirus restrictions.
The group said the rescue deal will retain its position in the UK retail landscape, “albeit in a smaller and more streamlined manner”.
Paperchase at the Broadway may be saved after a rescue deal was secured HIGH street stationery chain Paperchase, which has a store in Bradford s Broadway centre, has been saved in a rescue deal after going into administration. The deal which will preserve around 1,000 jobs and the majority of stores after the retailer, which sells stationery, cards and gifts tumbled into administration. However, the high street card retailer said 37 of its 127 stores will shut their doors permanently despite the move. It s currently unclear which stores will be axed. Administrators revealed that newly formed company Aspen Phoenix Newco, which backed by Permira Debt Managers, is to take control of the retailer.
37 branches of Paperchase to close despite rescue deal
The group said the rescue deal will retain its position in the UK retail landscape, “albeit in a smaller and more streamlined manner”
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Paperchase has secured a rescue deal which will preserve around 1,000 jobs and the majority of stores after tumbling into administration.
AT RISK: Paperchase Worcester THE future of the city branch of Paperchase could be in doubt, as it has been announced the firm is closing some of its stores. The firm that owns the High Street branch, one of 127 stores nationally, had previously gone into administration but has now been saved. Paperchase hired administrators from PwC after it saw sales slide on the back of significantly lower footfall amid coronavirus restrictions. Administrators revealed earlier that newly formed company Aspen Phoenix Newco, which is backed by Permira Debt Managers, is to take control of the retailer. That deal means around 1,000 jobs and the majority of stores will stay open.
Uncertainty over future of Nottingham shop after takeover
Nearly 40 shops will close
Updated
Paperchase in Low Pavement, Nottingham
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The future of a Nottingham city centre shop remains uncertain despite a rescue deal safeguarding 1,000 jobs across the country.