Big 4 grocer Tesco is set to acquire Paperchase in a pre-pack deal which will affect hundreds of jobs as stores face an uncertain future.
According to Sky News, the supermarket giant is in advance talks about buying the stationary chain’s name and other intellectual property through a pre-pack administration.
The deal could take place as early as today, with sources claiming that Tesco is unlikely to be interested in any of Paperchase’s stores, resulting in potential job losses.
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There are currently 106 Paperchase stores in the UK and Ireland, employing 820 staff.
The news comes following last week’s announcement that Paperchase was on the brink of administration.
However, it has also been revealed that Paperchase could be set to collapse and appoint administrators as soon as today.
Professional services firm, Begbies Traynor, is lined up to handle the insolvency, following a sale process run by PricewaterhouseCoopers (PWC) over recent weeks.
