PAPERCHASE is on the brink of administration after the coronavirus crisis hammered the UK’s high streets over Christmas. A collapse of the stationery chain would put 1,500 jobs and 173 stores and concessions at risk. First reported by The Telegraph, Paperchase has filed a notice to appoint administrators, with accountancy giant PwC set to handle the process. The retailer earns 40 per cent of its sales in November and December, but lockdown measures forced it to shut scores of shops over the period. Given Paperchase is classified as a non-essential retailer, all shops in Tier 4 areas in England were ordered to close from various dates in December. And following Boris Johnson’s lockdown announcement last night, all Paperchase stores in England will now remain closed.Retailers hit by the coronavirus crisisTHE covid-19 pandemic has pushed struggling retailers over the edge. Here are some other high-profile retail names hit by the virus outbreak: Aldo shoe shop went into administration in May resulting in five UK store closures and it’s searching for a buyer for the remaining business, though franchised stores are not part of the process and concessions remain trading. Arcadia, the owner of Topshop and other top high street fashion brands, filed… Read full this story
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