Britain’s biggest supermarket group Tesco said it had purchased the Paperchase brand and related intellectual property after the stationery and gifts retailer fell into administration.
Tesco will not, however, be taking on Paperchase’s more than 100 stores across the United Kingdom and Ireland, putting about 820 jobs at risk.
Paperchase entered administration, a form of protection from creditors, after failing to secure a rescue deal.
“Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis,” said joint administrator Begbies Traynor.
They will continue trading Paperchase’s operations in the short term with all stores remaining open and trading as normal.
“Paperchase is a well-loved brand by so many, and we’re proud to bring it to Tesco stores across the UK,” Jan Marchant, the group’s managing director of home and clothing said.
Separately on Tuesday, Tesco announced a shake-up of its larger stores, impacting 2,100 jobs.
Source: Reuters.com