GENERAL MERCHANDISE NEWS
Paperchase acquired out of administration
29 January, 2021 | by Angela Beevers
Stationery retailer Paperchase has been acquired out of administration.
The company has been sold to a newly formed company called Aspen Phoenix, which is backed by private equity firm Permira.
The deal will save around 1,000 of the retailer’s 1,250 jobs and will result in up to 90 Paperchase stores remaining open.
Ollie Reaburn, Paperchase chief executive, said: “The cumulative impact of lockdowns and related restrictions means that it is imperative that we make this tough but necessary decision to safeguard Paperchase’s future.
“In taking ths action, we are giving ourselves the best opportunity to ensure that the business is fit for purpose in this new retail environment.”
