The high street retailer is the latest to file a notice to appoint an administrator as the Coronavirus continue to impact the retail landscape in the UK.
The retailer has been particularly hard hit this festive season, around 40 per cent of their trading is usually done in this period and so the various lockdowns across the UK have had a heavy impact on this. This legal measure will protect the brand from its creditors and allow them to restructure the business in an attempt to prevent it from further troubles.
A spokesperson for the company commented on the news: “The cumulative effects of lockdown one, lockdown two – at the start of the Christmas shopping period – and now 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.”
