Have more questions? The cards and stationery retailer Paperchase is considering closing stores via an insolvency procedure, as administrators to HMV struggle to line up buyers.. Paperchase… Paperchase is closing a number of stores as it battles to survive the retail downturn. STATIONERY favourite Paperchase has gained approval for a radical shake-up of its rent obligations amid declining footfall on the high street - putting a handful of stores at risk of closure. Paperchase was saved last month when it emerged a deal had been secured to keep the majority of its shops open. The popular stationery retailer was rescued in a pre-pack deal last month but not all the stores made the cut. This site is part of Newsquest's audited local newspaper network. The company operates as a retailer of greeting cards, wrap, gifts and stationery from sites across the UK and also operates concessions in a number of department stores including House of Fraser, Selfridges, and Fenwick, and through various Next stores. Paperchase is poised to end the year with 239 stores, of which includes 145 standalone UK stores, 42 UK concessions, and 53 international concessions or franchise stores. Read More Related Articles. Paperchase branches in Ipswich, Bury St Edmunds, Colchester and Norwich could be under threat as the company reveals it is closing a “small number of stores”. It emerged that the stationery chain had called in KPMG earlier this year, when it was reported to be weighing up a number of options including a sale to a new owner and store closures. Paperchase has secured a rescue deal which will preserve around 1,000 jobs and the majority of stores after tumbling into administration. The company employed 1,278 staff across its store portfolio, head office function and its distribution centre. explains more about how we use your data, and your rights. Paperchase is an international chain of stationery stores which were established in the United Kingdom but has since expanded into Europe, the USA and United Arab Emirates. Stationer Paperchase has proposed a restructuring that involves the closure of five of its 145 stores. Paperchase was saved last month when it emerged a deal had been secured to keep the majority of its shops open.. According to American reports, a representative of L Brands, the parent company of Victoria’s Secret, have confirmed they will be closing 53 stores in … Paperchase appointed administrators from PwC after sales collapsed on the back of significantly lower footfall amid coronavirus restrictions. Paperchase, which has 130 branches in the UK, has apparently hired advisors at KPMG to draw up a list of stores that should shut. A Gannett Company. “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.”, Get involved with the news in your community, This website and associated newspapers adhere to the Independent Press Standards Organisation's Editors' Code of Practice. Paperchase has secured a rescue deal which will preserve around 1,000 jobs and the majority of stores after tumbling into administration. A spokesman said today: 'Paperchase can confirm that they are sad to see the Ipswich store go but will be closing on April 17. The retailer has been around for over 40 years and has over 130 Paperchase shops in the UK as well as over 30 sites across Ireland, Netherlands, Denmark, France, Germany and the Middle East. ©Copyright 2001-2021. A collapse of the stationery chain would put 1,500 jobs and 173 stores… Paperchase was saved last month when it emerged a deal had been secured to keep the majority of its shops open. A raft of Paperchase shops across the UK have brought down their shutters for good, following a pre-pack deal to save the retailer. Aspen Phoenix NewCo has snapped up the business which filed a notice to appoint PwC as administrators earlier this month. Paperchase has secured a rescue deal which looks set to save 1,000 jobs across Britain, but up to 250 jobs are still at risk of being lost amid a raft of store closures. 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. 'Until then, they will be offering discounts to … Another 23 stores will be at risk as it tries to cut their rents by 50%. Photograph: Murdo Macleod/The Guardian The cards and stationery retailer Paperchase is … Boohoo completes deals for Dorothy Perkins, Wallis and Burton in new blow for High Street, Marston's acquires a string of Brains pubs, It follows a deal last year to lease 156 Brains pubs from SA Brain &Co, Welsh shops reopening date of March 15 expected to move ahead with guidance pushed out, Ian Price, CBI Wales Director, says non-essential retailers and close contact service will look with 'relief' at prospect of reopening, List of shops that have collapsed into administration in 2020 as UK lockdown hits high street, The high street was under pressure before the pandemic - and many retailers are now struggling to survive, Wales lockdown: Key dates and decisions as Welsh Government cabinet meets to discuss restrictions, Mark Drakeford will give an update on the latest 21 day review on Friday, Terry Boot replaces Peter Foot as Shoe Zone FD – as discount chain reveals big Covid cash losses, Comes as final results show pre-tax losses of £14.6m and debt on the balance sheet for the "first time in over 15 years", Cheltenham bedding company Bedfolk planning to create jobs after record sales year, The business is expecting to add to its workforce to keep up with demand, Cardiff coffee chain Milk & Sugar to open new eco retail store, The new store from the Independent cafe operator is the latest development on Pontcanna Street in the capital city, Online women's fashion brand Sosandar bags M&S deal, Sosandar also has similar partnerships with John Lewis and Next, John Lewis losses top £500m but store closures decisions are delayed, The retail chain is now expected to announce store closures by the end of this month following a tough time for the retail market, Graduate's delight after private message to Social Chain founder Steven Bartlett leads to job offer 10 minutes later, 'This one act stood out more than the 500+ CVs I've received this week', Countryside and Persimmon plans approved for 840 homes on former green belt site, The proposals had proven controversial with the local community, All you need to know on new Covid grants, loans and dates in the Spring Budget, The Chancellor has introduced new support measures and extended a number of schemes come in his Spring budget, New velodrome and zip wire tower in plans to transform Cardiff Bay's Sports Village, There are also plans for a one kilometre closed loop circuit for runners, cyclists and roller bladers, Former F1 owner CVC takes £365m stake in the Six Nations, CVC also has investments in the Premiership and Pro14, Wales Land Transaction Tax extension gives 'breathing room' to get deals over line, Welsh Government extended Land Transaction Tax in Wales following a similar extension to Stamp Duty in England, Owners of exotic animal business say they are on brink of life-or-death decision after a year of lockdown, The Party Animals has had limited government support and now facing touch decisions about the 200 animals, The Caerphilly healthcare firm that's seen orders soar through the pandemic, Direct Healthcare Group is also planning more acquisitions, Newcastle's Haystack wins £1m in funding to revolutionise tech recruitment, The fast-growing tech start-up secured backing from the Future Fund and entrepreneur Dan Smyth, Rolls-Royce swings to £4bn loss amid Covid-19 pandemic, Chief executive Warren East said 2020 was "unprecedented" as the company announced its full-year results, Morrisons' profits more than halved as costs mount in pandemic, The Bradford supermarket chain saw revenues edge up, held back by a slump in petrol sales, Prime Minister Boris Johnson confirms £75m for Able Marine Energy Park with work to start this year, 3,000 jobs envisaged with four manufacturing bases on South Humber Bank site, Aston Martin to cut more than 200 jobs at St Athan site, A union said the redundancies represents a 'huge chunk' of the total workforce at the south Wales site, Mike Ashley's retail empire to cut 300 jobs at Evans Cycles, reports claim, Frasers Group is also reported to be moving many of those who survive the cuts onto zero-hours contracts, Aircraft parts factory workers planning strike action, Union says workers at SPS Technologies in Leicester will be left out of pocket under contract changes, New owner for HiLife pet foods as founding family sells up, New owner Assisi Pet Care was only launched in September and through acquisitions is already turning over £35m, Next Plc takes £200m stake in fashion rival Reiss, Reiss offers a more designer take on high street fashion, and is a favourite of celebrities including the Duchess of Cambridge, Supermarket supplier Oscar Mayer creating 250 jobs by opening meat-free site, The company is investing in the refurbishment of the existing factory on Aber Road Industrial Estate in Flint, Tomahawk Steakhouse repays loans to staff - and adds 20 per cent as a 'thank you'. Paperchase has been sold in a pre-pack deal that will save around 1,000 jobs, administrators have confirmed. Paperchase has secured a deal to rescue the majority of its high street stores, saving 1,000 jobs, but 37 shops are set to close following the sale. A raft of Paperchase shops across the UK have brought down their shutters for good, following a pre-pack deal to save the retailer. Paperchase rescued - but 37 branches will close 1 comment THE stationery and greetings cards chain Paperchase is to survive in a deal which will save 90 of its 127 stores. A member of staff explained "The lease was up for renewal and someone has approached the landlord with a better offer so we are closing." The list in full of Paperchase stores closed for good in the UK: Paperchase in Manchester is one of the stores which have been closed permanently. THE stationery and greetings cards chain Paperchase is to be rescued in a deal which will save 90 of its 127 stores. If you have a complaint about the editorial content which relates to inaccuracy or intrusion, then please contact the editor here. While 96 of Paperchase shops are to continue to trade now under the ownership of Aspen Phoenix NewCo (saving some 983 jobs), once lockdown of non-essential retail eases, some 29 branches will remain permanently closed. Monsoon Accessorize went into administration in June and were then bought out of administration by their founder with plans to close 35 stores, … Paperchase rescue deal saves 1,000 jobs but around 30 shops are closing for good and up to 250 workers still at risk of being axed Jane Denton For Thisismoney 28/01/2021 Our. Its new owners said that a “comprehensive transformation programme” is currently under way to help it rebound once restrictions lift. Return to top Related articles. Stationery chain Paperchase is on the brink of administration after most of its stores were forced to close over the Christmas period. Details of Paperchase’s rescue have been revealed after it secured a pre-pack deal to save 1000 jobs and shut down 27 stores after it tumbled into administration. What next for the stores left empty by the loss of House of Fraser? Under the terms of the deal, up to 90 of its current 127 stores are set to be retained. As a subscriber, you are shown 80% less display advertising when reading our articles. In Hampshire, Paperchase has stores at Southampton’s Westquay Shopping Centre, Whiteley Shopping Centre, St George’s Street in Winchester and the Furlong in Ringwood. As well as stand alone stores, in the UK there are concessions in selected Selfridges, House of Fraser and Next stores. Picture: PA What shops are in the Arcadia group? I have a question, how can I get in touch? Paperchase Products slumped to a £6.3m pretax loss in the year to 3 February 2018. The company collapsed into administration at the start of the year, after nationwide lockdown restrictions robbed it of its most important trading period. Sometimes they’ll include recommendations for other related newsletters or services we offer. 1 out of 1 found this helpful. Paperchase on Water Lane will close at the end of August. The company was sold weeks later in a pre-pack deal by administrators PwC saving around 1,000 jobs, when newly formed company Aspen Phoenix Newco, which is backed by Permira Debt Managers, took control of the firm. However, around 270 jobs have still been lost following the permanent closure of 27 UK stores. Will stores like Topshop close? To see if your local store is open, please visit our store finder. Yes No. Administrators have said around 1,000 jobs will be saved by the sale of the business, but 37 branches will close permanently. Shops include, Topshop, Topman, Dorothy Perkins, Miss Selfridge, Burtons, Wallis and Evans. To ensure this is maintained at alltimes, we have implemented the following measures acrossPaperchase stores: Enhanced cleaning and personal hygiene procedures,including hand sanitiser for colleagues and a limit to thenumber of customers in a store … HP10 9TY | 01676637 | Registered in England & Wales. Paperchase rescued - but 37 branches will close 1 comment THE stationery and greetings cards chain Paperchase is to survive in a deal which will save 90 of its 127 stores. Paperchase has secured a rescue deal which will preserve around 1,000 jobs and the majority of stores after tumbling into administration. Primary Capital bought Paperchase from its UK parent Borders for £20.4m in 2010. STATIONERY chain Paperchase is on the brink of collapsing into administration after sales were hammered by closures at the end of last year. Coronavirus – latest updates; See all our coronavirus coverage The retailer, which also specialises in stationary and gifts, is reportedly considering closing the stores as part of a Company … “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. Something went wrong, please try again later. However, 37 stores are set to close permanently. If you are dissatisfied with the response provided you can contact IPSO here. A raft of Paperchase shops across the UK have brought down their shutters for good, following a pre-pack deal to save the retailer. You can unsubscribe at any time. However, the high street card retailer said 37 of its 127 stores will shut their doors permanently despite the move. Closure of card and stationery chain’s high street stores in run-up to Christmas puts 1,500 jobs at risk. The company generates 40% of its sales during November and December and although online sales had performed well, it was not enough to absorb its losses. Shop online at Paperchase, a leader in innovative, design-led stationery, cards and gift-wrap. PwC has published the list of shops which have brought down the shutters permanently around the UK, and more than half are based in London. PAPERCHASE is on the brink of administration after the coronavirus crisis hammered the UK’s high streets over Christmas. Paperchase branches in Ipswich, Bury St Edmunds, Colchester and Norwich could be under threat as the company reveals it is closing a “small number of stores”. Will I still get my online order? Staff are being consulted before the list of branch closures is revealed. Newsquest Media Group Ltd, Loudwater Mill, Station Road, High Wycombe, Buckinghamshire. Staff are being consulted before the list of branch closures is revealed. Here are the details so far: Topshop closures is one of the biggest concerns for high street shoppers. When you subscribe we will use the information you provide to send you these newsletters. Zelf Hussain, Rob Lewis and Rachael Wilkinson at PwC have been appointed, securing an immediate sale to Aspen Phoenix NewCo, which the trio said minimises disruption to the business and provides continuity for customers. However, … Submit a request. KPMG also reportedly told potential bidders that Paperchase needs new investment to help make changes to its business model and close unsustainable shops. Are Paperchase stores open? All UK Paperchase stores are now closed. Marks & Spencer - Retail bellwether Marks & Spencer, which has a huge store in Plymouth city centre, is closing 100 of its biggest stores, about a … Was this article helpful? Details of Paperchase’s rescue have been revealed after it secured a pre-pack deal to save 1000 jobs and shut down 27 stores after it tumbled into administration. Arcadia are owners of some of the most popular brands on the British high street. More than half of these are in London, including Paperchase’s Tottenham Court Road flagship. The company collapsed into administration at the start of the year, after nationwide lockdown restrictions robbed it of its most important trading period. Those ads you do see are predominantly from local businesses promoting local services. The firm had asked its 500 staff to contribute around 10 per cent of their wages to cover their pension and National Insurance contributions. The chain, which called in administrators from PwC earlier this month, will be taken over by newly formed company Aspen Phoenix Newco, which is backed by Permira Debt Managers. In Hampshire, Paperchase has stores at Southampton’s Westquay Shopping Centre, Whiteley Shopping Centre, St … Data returned from the Piano 'meterActive/meterExpired' callback event. The group's initial public offering was 350p a share - the top end of its range - but as of this morning, February 8, shares stand at 428p. Paperchase has 145 stores in the UK and 75 concessions. Paperchase opened its Ipswich town centre store nearly 10 years ago, during 2010. The Paperchase deal came weeks before ecommerce card company Moonpig launched on the LSE, making a robust start to life as a listed company with shares surging in a £1.2bn stock market debut. The group said the rescue deal would retain its position in the UK retail scene, “albeit in a smaller and more streamlined manner”. These adverts enable local businesses to get in front of their target audience – the local community. Olly Raeburn, chief executive at Paperchase, said: “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. It also has a concession store within Next Home at Martlesham Heath, and shops in … PAPERCHASE has secured a rescue deal which will preserve around 1,000 jobs and the majority of stores after tumbling into administration. What are my delivery options? Paperchase has been bought out of administration (Paperchase/PA) Paperchase has secured a rescue deal which will preserve around 1,000 jobs and the majority of stores after tumbling into administration. It is important that we continue to promote these adverts as our local businesses need as much support as possible during these challenging times.