Paperchase Seeks Creditor Protection Amid New U.K. Lockdown (1)

Paperchase, the U.K. stationery group, is seeking protection from creditors after its business struggled with store closures imposed during the vital Christmas period.

The seller of greeting cards, paper and gifts filed notice in the U.K. courts on Tuesday that its main operating company, which employs about 1,500 people, intends to appoint an administrator. The application gives Paperchase about 10 days protection from lenders while it tries to find a long-term solution. PricewaterhouseCoopers has been lined up as administrator, according to a spokesman for Paperchase.

Spokespeople for PwC and for Paperchase’s largest creditor, Permira Debt Managers Ltd, declined ...