A high street retailer is preparing to close its doors after an uncertain few weeks.

Stationery chain Paperchase collapsed and went into administration earlier this week after failing to find a buyer for the business.

Tesco has now confirmed it has bought the Paperchase brand and intellectual property at the end of January. 

However, all 106 stores, including one in Peascod Street, Windsor, will close.

According to PA Media, this is because “the supermarket chain’s deal for the business will not include any of the retailer’s 106 stores and is therefore expected to impact hundreds of jobs”.

Paperchase stores are currently offering big disocunts on stock, with posters seen in stores across the country reading “everything must go”.

Online the company is selling products reduced to "at least 20 per cent off".

Tesco now plans to sell Paperchase items in its supermarkets.

Jan Marchant, managing director of home and clothing at Tesco, said: “Paperchase is a well-loved brand by so many and we’re proud to bring it to Tesco stores across the UK.

“We have been building our plans to bring more brands and inspiration to the ranges we currently offer and this will help us to take those plans further.

“We look forward to sharing more with our customers in due course.”