High street retailer Paperchase are reportedly lining up administrators as they search for a buyer to save the much-loved stationery store.
It has been reported that bosses at Paperchase are looking at Begbies Traynor to oversee a potential insolvency process, after the retailer was put up for sale just four months after it changed ownership.
Paperchase has previously fallen into administration, with 90 of its 127 stores sold to new owner Aspen Phoenix NewCo back in April last year, with 37 shutting up shop for good at that time.
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A rescue deal enabled many stores to stay open and saved about 1,000 jobs. It also bought about £7 million worth of old stock, according to documents filed with Companies House.
The high street giants boasts around 100 stores UK wide, with 11 in Scotland - three of which are located in Edinburgh. These stores are situated on George Street, inside Edinburgh Waverley Station and Morningside Road.
The George Street location is already set for removal, as Edinburgh Live reported earlier in 2022 that permission has been granted for a new deli and restaurant in the Paperchase location.
No information has been released about when the property may be converted, so there is uncertainty as to when the Paperchase will shut down - it is still operating at the time of writing.
It remains uncertain whether or not stores in Edinburgh and across Scotland will close, with all stores remaining open and continuing to take orders online as things stand.
A spokesperson for Paperchase said: "We confirm that we have retained BTG and PWC to advise Paperchase on strategic options, including the sale of the business as a going concern to new owners. Talks are continuing with a number of interested parties.
"All Paperchase stores and the website will continue to trade as normal during this period. We can’t comment further on this process until discussions with interested parties have been concluded."
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