Paperchase announced a rescue deal that will allow it to survive with a slimmed-down presence on the high street.
It is known that the rescue deal which was reported on earlier this week by Sky, will save approximately 1,000 jobs.
The deal will see up to 90 of the 125 total stores retained by the new owner.
The stationary chain is to be sold through a so-called pre-pack administration to Aspen Phoenix.
The company launched a company voluntary arrangement in 2019 which saw it linking rent payments to store turnovers.
Up to 250 jobs were to be lost at Paperchase.
Its chief executive, Olly Raeburn, said of its rescue: “The cumulative impact of lockdowns and related restrictions means that it is imperative we make this tough but necessary decision to safeguard Paperchase’s future.
“In taking this action, we are giving ourselves the best opportunity to ensure that the business is fit for purpose in this new retail environment.
“We, of course, recognise that this affects many of our colleagues and we will do all we can to assist them during this difficult time.”
