Tesco has agreed to buy Paperchase after the stationery brand fell into administration - but all its branches are facing closure after the shops were not included in the deal.
The supermarket announced a deal on Tuesday, January 31, to buy the Paperchase brand and intellectual property but not its physical stores or staff members, all of whom are likely to face redundancy. Paperchase has 106 branches across the UK, including in Newcastle's Eldon Square and Gateshead's Metrocentre, all of which are expected to shut after the deal was agreed.
The struggling high street store called in the administrators after failing to secure a buyer when placed on the market by owner Steve Curtis. Following the Tesco announcement, Paperchase told shoppers that it will continue to honour any gift cards in the short-term, but warned that redeeming them would 'not be possible' after two weeks.
