Retail stationery and gifts business Paperchase which entered into a CVA in 2019, has advised that it is set to appoint PwC as its administrator. The retailer had suffered significant losses due to the regional lockdowns imposed by government to contain the spread of Covid-19 which lost it significant impulse sales. It had continued to trade successfully online but the latest lockdowns which could continue into the Spring and beyond have proved to be too much of a challenge.
A spokesperson said: “Paperchase is not immune despite our strong online trading. Out of lockdown, we have 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 and this NOI is a necessary part of this work. This is not the situation we wanted to be in.”
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