Tesco announced on Tuesday that it has purchased the Paperchase brand and related intellectual property after the stationery and gifts retailer fell into administration.
Tesco will not, however, be taking on Paperchase's more than 100 stores across the United Kingdom and Ireland, putting about 820 jobs at risk.
Paperchase entered administration, a form of protection from creditors, after failing to secure a rescue deal.
"Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis," said joint administrators Begbies Traynor.
Short Term Trading
They will continue trading Paperchase's operations in the short term with all stores remaining open and trading as normal.
"Paperchase is a well-loved brand by so many, and we’re proud to bring it to Tesco stores across the UK," Jan Marchant, the group's managing director of home and clothing said.
UK Store Management Changes
Separately on Tuesday, Tesco announced a shake-up of its larger stores, impacting in the region of 2,100 jobs.
The supermarket group noted that it was changing the way it manages its larger stores, impacting around 1,750 workers.
All of Britain's major grocers are seeking cost savings as they try to keep a lid on rising prices.
Tesco said that a new structure will see it introduce about 1,800 'shift leader' roles in its larger Superstores and Extra stores and also realign its store manager roles.
At the same time it will reduce the number of 'lead' and 'team managers' in its large stores.
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