The future of Paperchase on Jersey's high street is in doubt after the stationery giant fell into administration.
Tesco has agreed to buy the chain's brand but not any of its 106 shops. Hundreds of jobs are at risk.
"Paperchase is a well-loved brand by so many, and we're proud to bring it to Tesco stores across the UK," Tesco's Managing Director of Home and Clothing, Jan Marchant, said.
"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."
The retail chain’s future was looking uncertain in 2021 after two lockdowns in the UK, and it was given a finite window to figure out a rescue plan, or else it faced administration.
It was announced on 29 January that year that 70% of their stores would be saved, after it was bought out by Aspen Phoenix NewCo.
It was unclear at that point whether or not Guernsey or Jersey would keep their stores in the high street.
However, a spokesperson for PwC, who were instrumental in the restructuring of the business at the time, later confirmed that the stores would be transferred to the new owners, keeping Paperchase as a presence in the Channel Islands.
Staff at the Jersey branch of Paperchase at King Street declined to comment earlier today.
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