Tesco has purchased the model and mental property of Paperchase, after the struggling stationery retailer collapsed into administration.
Nonetheless, the deal doesn’t embrace Tesco taking up the model’s 106 shops throughout the UK and Eire, leaving the longer term unsure for Paperchase’s 820 workers.
The deal follows a difficult few months for Paperchase after rising prices and disappointing gross sales.
“Paperchase is a well-loved model by so many, and we’re proud to carry it to Tesco shops throughout the UK,” mentioned Jan Marchant, the managing director of residence and clothes at Tesco.
Directors from the insolvency agency Begbies Traynor have been appointed to deal with Paperchase’s operations within the brief time period. They mentioned the corporate’s shops would stay open and proceed to commerce as regular.