igh street stationery store Paper chase has fallen in administrationjeopardizing the future of the 106 stores.
The company, which employs hundreds of employees, has appointed administrators from Begbies Traynor to oversee the insolvency process.
It comes after Paperchase failed to find a buyer after being put on the market by veteran owner Steve Curtis.
The trustees said: “On January 31, Mark Fry, Kirstie Provan and Gary Shankland, of Begbies Traynor, were appointed joint trustees of Aspen Phoenix Newco Limited, trading as Paperchase.
“Unfortunately, despite an extensive sales process, no viable offers have been 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 associated intellectual property.
“The joint managers will continue to trade the company’s business for the foreseeable future, with all stores remaining open and trading as normal.”
Tesco has bought the Paperchase brand and intellectual property, but the supermarket chain’s deal for the company does not include any of the retailer’s 106 stores.
Jan Marchant, general manager of home and clothing at Tesco, said: “Paperchase is a loved brand by so many, and we are proud to be able to bring it to Tesco stores across the UK.
“We have developed plans to bring more brands and inspiration to the ranges we currently offer, and this will help us further develop those plans.
“We look forward to sharing more with our customers in due course.”