Paperchase stores nationwide are holding massive everything must go closing-down sales this weekend ahead of all 106 stores shutting for good on Monday.

The High Street stationery giant - which has a branch in Coney Street - was plunged into administration at the end of January, in a move that affected hundreds of jobs.

Today shoppers will be rushing to grab last minute bargains ahead of the closure, with discounts of up to 80 per cent in most stores.

In some stores cards were being sold off for as little as 10p with price cuts starting at 80 per cent.

Tesco acquired the gift and stationery brand out of administration in February in a deal that did not include its stores or employees leaving 800 employees in the cold.

Administrators from Begbies Traynor said last month that they would keep the shops open for a short time, and the York store subsequently launched a closing down sale.

Staff said today it would close next Monday after trading over the weekend.

The closure is a blow to York's premier retail street.

The Northern Echo:

The administrators said last month that on January 31, Mark Fry, Kirstie Provan and Gary Shankland, of Begbies Traynor, were appointed as joint administrators of Paperchase.

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“Unfortunately, despite a comprehensive sales process, no viable offers were received for the company, or its business and assets, on a going concern basis," they said.

“However, there has been significant interest in the Paperchase brand and attendant intellectual property.

“The joint administrators will continue trading the company’s operations in the short-term, with all stores remaining open and trading as normal.”