Home Business News Major high street chain ‘shutting all stores’ with hundreds to be made redundant

Major high street chain ‘shutting all stores’ with hundreds to be made redundant

by LLB Reporter
23rd Feb 23 11:32 am

Paperchase went into administration in January and then Tesco bought the brand but none of its stores, the company will now close their remaining 106 shops and will make 900 people redundant.

The Times and the Retail Gazette reported that paperchase will sell of their stock at discount prices with some stores offering up to 50% off.

Managing director of home and clothing at Tesco, Jan Marchant, said, “We have been building our 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.”

Since the start of the year nearly 15,000 jobs have been lost in the retail sector and the Centre for Retail Research (CRR) have warned that more jobs will continue to be lost “at pace.”

CRR’s professor Joshua Bamfield said: “The process of rationalisation will continue at pace as retailers continue to reduce their cost base.

“We are unlikely to see any respite in job losses in 2023 after a brutal start to the year.”

Figures compiled by experts at the CRR, based upon company announcements, show that since the start of the year a total of 14,874 retail jobs are being lost from high streets as well as main shopping destinations across the U.K. by large multiple retailers, those with 10 or more stores.

3,185 jobs are being to be lost through large retailers undergoing some form of insolvency proceedings whilst a further 11,689 jobs are being shed by large retailers through “rationalisation” as part of cost cutting programs.

Tile Giant, Paperchase and M&Co have all gone bust whilst the likes of New Look, Wilko, Tesco and Asda are all cutting jobs.

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]