A CHESHIRE Oaks stationery store faces potential closure after Tesco proposed to buy the brand but not its shops or workforce.

Paperchase went into administration on Tuesday, January 31, after the struggling business was unable to secure a rescue sale.

Tesco has now announced it has bought the Paperchase brand and intellectual property after the stationery chain entered administration.

The move means Paperchase’s stores are expected to shut, with hundreds of shop workers likely to face redundancy, including staff who work at the branch at McArthurGlen, Cheshire Oaks.

The stationary store sits in the middle of Converse and U.S Polo Assn at the huge Designer Outlet.

Paperchase describes itself as the "UK’s number one for fashionable and innovative design-led stationery" and has sold stationery, greeting cards and gifts since 1968.

They appointed administrators from Begbies Traynor who said that they would keep the shops open for a short time, and that staff would stay in their jobs in the meantime. They said nothing about what would happen to their jobs in the long term.

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'No viable offers were received for the company'

The administrators said: "On January 31, Mark Fry, Kirstie Provan and Gary Shankland, of Begbies Traynor, were appointed as joint administrators of Aspen Phoenix Newco Limited, which trades as Paperchase.

"Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis.

"However, there has been significant interest in the Paperchase brand and attendant intellectual property.

"The joint administrators will continue trading the company’s operations in the short-term, with all stores remaining open and trading as normal."

Paperchase said it would “strongly urge” customers to redeem gift cards as soon as possible because they will not be accepted after two weeks.