HIGH street stationery chain Paperchase, which has a store in Bradford's Broadway centre, has been saved in a rescue deal after going into administration.

The deal which will preserve around 1,000 jobs and the majority of stores after the retailer, which sells stationery, cards and gifts tumbled into administration.

However, the high street card retailer said 37 of its 127 stores will shut their doors permanently despite the move. It's currently unclear which stores will be axed.

Administrators revealed that newly formed company Aspen Phoenix Newco, which backed by Permira Debt Managers, is to take control of the retailer.

Olly Raeburn, chief executive officer at Paperchase, said: “The cumulative impact of lockdowns and related restrictions means that it is imperative we make this tough but necessary decision to safeguard Paperchase’s future.

“In taking this action, we are giving ourselves the best opportunity to ensure that the business is fit for purpose in this new retail environment.

“We have been in close dialogue with all of our stakeholders through this process and are grateful for their continued support.

“We, of course, recognise that this affects many of our colleagues and we will do all we can to assist them during this difficult time.”

Earlier this month, the retailer went into administration putting hundreds of jobs at risk, citing the cumulative effects of the Covid-19 pandemic and successive lockdowns.