Stationary retailer Paperchase, which has two locations in Northern Ireland, has fallen into administration on Tuesday.
Paperchase stores will remain open and trading as normal with shoppers urged to spend their gift cards as soon as possible as redemption will not be possible after two weeks.It has been announced that Tesco has purchased the Paperchase brand and intellectual property although the buyout doesn't include its stores.
Paperchase said "despite a comprehensive sales process" no viable offers were received and the insolvency firm Begbies Traynor has been appointed as administrators. "Unfortunately, despite a comprehensive sales process, no viable offers were received for the Company, or its business and assets, on a going concern basis.