Tesco has confirmed it has bought the Paperchase brand. It was announced earlier today (January 31) that Paperchase had gone into administration after failing to find a rescue deal, putting 820 jobs at risk across its 106 stores in the UK and Ireland.
Jan Marchant, managing director of home and clothing at Tesco, later said: "Paperchase is a well-loved brand by so many, and we’re proud to bring it to Tesco stores across the UK. We have been building out plans to bring more brands and inspiration to the ranges we currently offer, and this will help us to take those plans further. We look forward to sharing more with our customers in due course."
It is understood that Tesco is only interested in the Paperchase brand and intellectual property, not its stores, which could potentially cost many retail jobs. Owners had put the business up for auction under the advisory firm, PricewaterhouseCoopers (PwC).
