Stationery chain Paperchase says it is “with a heavy heart” that it will be closing all of its stores.

This means that the Islington branch in Parkfield Street is among the 106 remaining stores that will shut, after administrators failed to find a buyer for the retailer’s remaining assets.

The loss will result in 900 redundancies nationally.

All remaining stores will continue trading for the short term with significant price reductions.

The firm's online store stopped trading on February 17.

Paperchase was bought by supermarket Tesco after it fell into administration last month, but the deal did not include the remaining stores or staff.

The chain was set up in 1968 by two art students and later expanded to high streets across the country.

Last year it was bought by retail investor Steve Curtis before the firm collapsed.

A statement online reads: “You can still shop in stores with new stock arriving in stores weekly, and with everything up to half price. When it’s gone, it’s gone.”

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