Stationery chain Paperchase has filed a Notice of Intention (NOI) to appoint administrators to handle a potential insolvency.
The retailer, which has stores in Hitchin, St Albans and London Colney, has confirmed it has lined up corporate rescue and recovery practice Begbies Traynor Group and accountancy firm PwC.
Paperchase is hoping to find a deal that means the chain will be saved.
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A NOI is a document filed at court, stating a company’s intention to appoint administrators in an attempt to save the business from liquidation.
The very first Paperchase store opened in Kensington, London, in 1968. There are now more than 100 stores in the UK, selling cards, gifts, stationery and gift wrap.
The retailer previously fell into administration in 2021, but managed to secure a rescue deal.
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A spokesperson for Paperchase said: "We confirm that we have retained BTG and PwC to advise Paperchase on strategic options, including the sale of the business as a going concern to new owners. Talks are continuing with a number of interested parties.
"All Paperchase stores and the website will continue to trade as normal during this period. We can’t comment further on this process until discussions with interested parties have been concluded."
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