Paperchase’s greeting card suppliers are weighing up the pros and cons of whether to continue supply the retail multiple under its new ownership following the pre-pack administration (https://www.pgbuzz.net/pre-pack-deal-safeguards-around-100-paperchase-stores-and-1000-jobs/), many feeling aggrieved by the paltry percentage of pay back being offered by administrators PwC on outstanding debts of only a few pence in the £pound. Debts to unsecured creditors (which include greeting card suppliers as well as landlords) are understood to be around £15 million.
While 96 of Paperchase shops are to continue to trade now under the ownership of Aspen Phoenix NewCo (saving some 983 jobs), once lockdown of non-essential retail eases, some 29 branches will remain permanently closed. More than half of these are in London, including Paperchase’s Tottenham Court Road flagship.
The Paperchase branches not destined to reopen include: Bradford; Brighton; Canary Wharf TFL, London; Cannon Street, London; Carlisle; Clapham Junction, London; Covent Garden, London; Crawley; Eastbourne; Edinburgh Waverley; Embankment TFL, London; Exeter, Fenchurch Street, London; Gateshead Metrocentre; Glasgow Fort; Hammersmith, London; Leeds Station; Maidenhead; Manchester; Milton Keynes; Morpeth; New Street Square, London; O2, London; Paddington Station, London; Piccadilly, London; Plymouth; St James’s, London; Tottenham Court Road, London and White City, London.
Coming as disappointing news to everyone who dealt with her over the last two decades, Frances Burkle, latterly Paperchase’s product director, has taken the decision to leave the business.
The very popular Frances joined Paperchase as card buyer back at the start of 2001, moving from Harrods where she had been assistant buyer for cards and stationery. During her time with Paperchase Frances has not only been a leading light on the buying side, both directly as well as managerially, she has also been involved in the product development.
Describing her time with Paperchase as “20 years of much joy” Frances, who left the company this week, says she “decided this is the right time to move on to new opportunities.”
“It has been a pleasure to be part of this wonderful greeting card industry,” Frances told PG Buzz and shares that she’d “love to stay in the industry if possible, it was my first role at Paperchase, so it is close to my heart.”
This news comes a couple of months after Joe Guest, Paperchase’s senior buyer for cards made the decision to leave Paperchase to join Cult Pens, the online stationery retailer. https://www.pgbuzz.net/joe-guest-is-pen-poised-to-leave-paperchase-to-join-cult-pens/
Top: While several of its station stores are to close, Paperchase’s shop in London’s Victoria Station store is to continue to trade.