This ad will be closed automatically in X seconds.

Paperchase given more time to explore restructure

Paperchase has secured more time to explore restructuring options, having filed a second Notice of Intent (NOI) that was granted by the courts. This means that the retailer now has up to February 3 before an announcement is made as to the restructuring plans for the business.

“The fact that a second NOI has been granted is not bad news as it means that the conversations are going well,” assured Will Booth of Tulchan (the communications company brought on board to liaise with the media).

“It would only have accepted by the courts if it was in the interests of all parties,” he added.

As Will highlighted, “situations such as these are complicated at the best of times, but with this all happening through Covid adds to the complexity.”

Prior to the second NOI being granted, the greeting cards industry was on tenterhooks bracing itself for news about Paperchase’s future that would have been announced by Wednesday January 20.

The general belief, echoed by the media, was that Paperchase was seemingly edging towards going into administration, but other solutions are being explored.

The retailer, which had been trading from 173 stores and concessions, filed the Notice of Intent (NOI) in early January which saw accountancy firm PwC in the frame to establish a restructuring of the business.

“This isn’t the end of Paperchase, but it gives 10 working days of breathing space to find the best way forward for a sustainable business,” Will told sister title PG Buzz at the time.

Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter and @licensing_source on Instagram.

Mike Coles, group md at Blues Group, on changes in strategy beginning to bear fruit and increasing sales year on year....
Agency secures mobile accessories deal for Pringles, as well as renewals with four key SLUSH PUPPiE partners....
"We’re looking forward to leveraging our global licensing, merchandise and retail experience and bringing to life the unique IOM TT atmosphere."...
“We are thrilled to collaborate and create a collection of apparel that celebrates the band and MTV’s influence on the global music industry," says Bravado's David Boyne....
The range features eight historic wallpaper designs adapted and recoloured for use within the modern interior....
The museum is looking to further grow its commercial team, seeking a brand licensing senior creative manager....
Get the latest news sent to your inbox
Subscribe to our daily newsletter

The list doesn't exist! Make sure you have imported the list on the 'Manage List Forms' page.