PAPERCHASE is discussions over whether to sell the business or close stores, it is being reported tonight.

Paperchase, which is owned by private equity firm Primary Capital, has a Worcester shop in High Street.

There is speculation in the national media this evening that the store could become the latest High Street casualty, with the retailer considering a potential company voluntary arrangement (CVA).

This would potentially leads to cutting down on rent costs, with the closure at some locations.

Sky News said Paperchase will soon announce whether it will "pursue store closures and rent cuts under a CVA, or an alternative transaction such as a sale".

The stationery giant has reportedly got 145 stores in the UK.