Tesco has bought high street retail brand Paperchase, saying it plans to give it a presence in stores across the UK.
The move follows reports earlier this week the retailer was on the verge of going into administration following talks with prospective buyers, after PwC was appointed to find new backers for the business.
The deal involves he Paperchase brand and related intellectual property, rather than the 106 Paperchase stores across the UK, which employ about 820 staff.
Paperchase was put up for sale late last year, just four months after its most recent change of ownership.
“Paperchase is a well-loved brand by so many, and we’re proud to bring it to Tesco stores across the UK,” said Jan Marchant, MD of home and clothing at Tesco.
“We have been building out 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.”
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