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Paperchase to make 28 store closures

Paperchase is looking to close up to 28 of its 145 stores in the latest blow to the High Street.

The UK stationery retailer, which employees 1,750 staff said the decision is based on the continued downturn in the High Street and rising costs.

Paperchase is demanding rent reductions at 98 sites– 28 of which could then close.

It has proposed that rents should be based on how much each individual store makes in sales.

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