Tesco to snap up Paperchase brand - report
By Michele Maatouk
Date: Tuesday 31 Jan 2023
(Sharecast News) - Supermarket chain Tesco is reportedly planning to snap up the Paperchase brand.
According to Sky News, Tesco is in advanced talks about buying Paperchase's name and other intellectual property through a pre-pack administration that could take place as early as Tuesday.
Sources close to the situation told Sky that Tesco was unlikely to be interested in any of Paperchase's stores, meaning that most of its workforce may face the prospect of losing their jobs. It was unclear whether any other suitors were in talks about a deal.
Sky News reported on Monday that the chain was on the brink of administration as hopes of a solvent rescue deal faded. It said Begbies Traynor, the professional services firm, is lined up to handle the insolvency following a sale process run by PricewaterhouseCoopers over recent weeks.
Paperchase was put up for sale late last year, just four months after its most recent change of ownership.
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