One of Bishop’s Stortford town centre’s newest shops is set to shut after less than four months of trading.
On Tuesday (Jan 31) it was announced that Tesco has bought the Paperchase brand and intellectual property, hours after the business fell into administration.
However, the UK’s largest supermarket chain has not acquired the stationer’s shops, including its branch on Potter Street. Instead, Tesco will sell Paperchase goods in its stores.
Two managers and seven other members of staff were recruited for the outlet which opened its doors in the former Phase Eight fashion boutique on October 13.
Their futures are now in doubt, along with those of more than 800 other workers for the brand that has been a fixture of the UK high street since 1968, when its first outlet opened in Kensington, west London.
Paperchase’s administrator, Begbies Traynor, said that the stores would remain open for now, but it is understood customers have just two weeks to redeem gift cards.
The business had put itself up for sale but appointed administrators after receiving “no viable offers”.
It has had a turbulent history recently, going through a form of insolvency proceedings four years ago to cut costs. It was bought out of administration in 2021, resulting in the loss of around 500 jobs, before being sold again last August to a private investment firm.
