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Paperchase to fall into administration on pandemic impact

·1-min read

(Reuters) - British stationery chain Paperchase on Tuesday filed a notice to appoint administrators from PwC as its sales were hurt by store closures due to the COVID-19 pandemic, joining a list of UK retailers pushed over the edge by the crisis.

The process will put 1,500 jobs at risk, Sky News reported.(https://bit.ly/2XcVK4i)

"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," a spokesperson of the retailer told Reuters.

The pandemic-related restrictions have hammered the hopes of the company, which had underwent company voluntary arrangement in March 2019 to cuts costs.

"Filing this notice gives the company the time it needs to work out the right shape of the business to go forward," the company said.

(Reporting by Shanima A in Bengaluru; Editing by Arun Koyyur)