A closing down sale is taking place at a high street stationery store less than a year after the chain moved to Bury.
Paperchase's outlet on The Rock has started its closing down sale with signs on the unit stating "everything must go", "store closing down" and "all stock reduced".
The store, which had moved to The Rock in August last year, is closing 106 branches after Tesco agreed to buy the brand but not its shops or workforce.
Paperchase hired administrators after the struggling business was unable to secure a rescue sale and Tesco announced the deal to buy the brand and intellectual property from the insolvency specialists.
Read more: Bury's Paperchase at The Rock could close as Tesco buys chain
Jan Marchant, managing director of home and clothing at Tesco, said: “Paperchase is a well-loved brand by so many and we’re proud to bring it to Tesco stores across the UK.
“We have been building our plans to bring more brands and inspiration to the ranges we currently offer and this will help us to take those plans further.
“We look forward to sharing more with our customers in due course.”
Paperchase appointed administrators from Begbies Traynor to oversee the insolvency process.
The administrators said: “On January 31, Mark Fry, Kirstie Provan and Gary Shankland, of Begbies Traynor, were appointed as joint administrators of Aspen Phoenix Newco Limited, which trades as Paperchase.
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“Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis.
“However, there has been significant interest in the Paperchase brand and attendant intellectual property.
“The joint administrators will continue trading the company’s operations in the short-term, with all stores remaining open and trading as normal.”
If you have a story tweet @Heywoodharriet_ or email Harriet.Heywood@newsquest.co.uk.
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