Home Business News Paperchase on brink of collapse amid cumulative effects of first lockdown

Paperchase on brink of collapse amid cumulative effects of first lockdown

by LLB Finance Reporter
5th Jan 21 2:08 pm

Stationary chain store Paperchase are on the brink of administration as a result of the first lockdown which hammered sales.

Paperchase who employ around 1,500 and have 127 stores have filed a notice to appoint PwC administrators as it tries to rescue the business.

The second lockdown in November which was the start of the crucial Christmas trading period, was a major blow as 40% of their sales come from trade in November and December.

Paperchase now has 10 working days breathing space to find a solution.

A spokesperson on behalf of Paperchase said, “the cumulative effects of lockdown one, lockdown two and the current restrictions have put “unbearable strain on retail businesses across the country.

“Paperchase is not immune despite our strong online trading. Out of lockdown we’ve traded well, but as the country faces further restrictions for some months to come, we have to find a sustainable future for Paperchase.

“We are working hard to find that solution … this is not the situation we wanted to be in. Our team has been fantastic throughout this year and we cannot thank them enough for their support.”

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