Stationery chain Paperchase, with stores in Bury St Edmunds and Ipswich, on verge of administration
Stationery giant Paperchase is teetering on the brink of administration.
The chain, which has 173 stores nationwide, including branches at the arc shopping centre, in Bury St Edmunds, and Beardmore Park, at Martlesham Heath, Ipswich, is the latest to suffer from the impact of the coronavirus pandemic.
It has experienced a rocky road in recent years - implementing a company voluntary arrangement (CVA) in 2019.
That is a deal which allows it to restructure repayment terms with those it owes money to in order to continue trading.
But now it appears administrators are set to be appointed after reports accountancy firm PwC has been approached to handle the process.
The store was hit hard by the closures and restrictions put in place in the run up to Christmas - traditionally its busiest time of the year.
The new national lockdown means all outlets nationwide will remain shut.
It will put 1,500 jobs at risk nationwide.
The administrators will look at ways to keep the company trading either through restructuring the business or looking for a buyer.