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January 6, 2021

Stationery chain Paperchase files notice to appoint administrators

UK stationery chain Paperchase has reportedly filed a notice to appoint administrators, a move set to put hundreds of jobs at risk.

UK stationery chain Paperchase has reportedly filed a notice to appoint administrators, a move set to put hundreds of jobs at risk.

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The company, which operates 173 stores and concessions, took a significant hit on its sales following the recent lockdowns in the country, BBC reported.

Paperchase was quoted by BBC as saying: “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.

“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 and this [notice of administration] is a necessary part of this work. This is not the situation we wanted to be in.”

The development follows despite the retailer recording strong online trading during the lockdown.

In 2019, Paperchase had already used an insolvency process, CVA, to cut costs.

The chain is the most recent in the line of high-profile retailers affected amid the pandemic.

Last month, Debenhams announced to cease trading putting 12,000 jobs at risk, while Arcadia Group, which owns Topshop and Dorothy Perkins, also entered into administration leaving another 13,000 jobs at risk.

Free Whitepaper
img

What is the impact of historically high inflation on the UK consumer landscape?

The average UK consumer is experiencing a severe cost-of living crisis as inflation surges to a forty-year high and the price of goods continues to rise. This shock is the result of the sharply increasing costs of commodities, energy, and the ongoing conflict in Ukraine, and is threatening FMCG manufacturers, retailers, and foodservice operators’ ability to survive and grow. Inflation will have a profound effect on many consumer-facing industries in 2022 and beyond. Consult GlobalData’s new whitepaper, Inflation in the UK: The Impact of Historically High Inflation on the UK Consumer Landscape, to better understand shifts in consumer behavior and their impact on spending patterns, as well as the implications for UK businesses. This whitepaper covers:  
  • Why has global inflation returned with a vengeance?
  • What is the current inflation situation in the UK?
  • What impact is inflation having on UK retail sales?
  • What tactics are businesses relying on to tackle the effects of high inflation?
  • How are consumers changing their behaviors to cope with the higher cost of living?
  • Which industry sectors are most vulnerable to reduced consumer demand?
  • How is the government responding to high inflation?
  • How long will high inflation last in the UK?
  • How can your company survive and thrive in a high inflation environment?
Enter your details here to receive your free whitepaper and ready your business for these increasingly uncertain times.
by GD50 Custom
Enter your details here to receive your free Whitepaper.