Paperchase on brink of going into administration - bosses say coronavirus lockdowns have put an 'unbearable strain' on the retailer
manchestereveningnews.co.ukdirect to your inboxStationery chain Paperchase is on the brink of going into administration after sales were hammered during coronavirus lockdowns.The company, which has 127 stores and around 1,500 employees, confirmed it has filed a notice to appoint administrators from PwC to advise on its insolvency process.Paperchase launched a Company Voluntary Arrangement (CVA) restructuring in March in an attempt to turn around its fortunes.But this was heavily impacted by the pandemic and bosses said lockdown restrictions have put 'unbearable strain' on the business.A Paperchase spokesman said: “The cumulative effects of lockdown 1.0, lockdown 2.0 – at the start of the Christmas shopping period – and now the current restrictions have put unbearable.
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