Stationary retailer Paperchase, which has two locations in Northern Ireland, has fallen into administration on Tuesday.
The announcement could put as many as 820 jobs across its 106 UK and Ireland stores at risk, the Mirror reports.
Paperchase stores will remain open and trading as normal with shoppers urged to spend their gift cards as soon as possible as redemption will not be possible after two weeks.
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It has been announced that Tesco has purchased the Paperchase brand and intellectual property although the buyout doesn't include its stores.
There are currently two Paperchase outlets in Belfast - at Forestside Shopping Centre in the east of the city and on Arthur Street in the city centre.
Paperchase said "despite a comprehensive sales process" no viable offers were received and the insolvency firm Begbies Traynor has been appointed as administrators.
A statement from Begbies Traynor said: "On January 31 2023 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, this sale reflects the interest in the well-known and established brand and will enable the brand to continue in Tesco stores across the UK."
Paperchase previously came close to falling into administration in January 2021 but was rescued by Aspen Phoenix Newco, which was backed by Permira Debt Managers.
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