Paperchase has ousted its chairman as it attempts to shift sales online after almost collapsing.
The stationery retailer is hunting for a new chairman, the Mail understands, after retail veteran Nick Wood agreed to step down earlier this month.
Paperchase tumbled into administration days after Christmas due to the ‘cumulative impact of lockdowns and related restrictions’.
Boardroom shake up: Stationery retailer Paperchase is hunting for a new chairman after retail veteran Nick Wood agreed to step down earlier this month
The firm was rescued by the debt arm of private equity giant Permira in January.
Its new owner is trying to boost online sales while cutting back its store footprint. Permira Credit only agreed to save up to 90 of Paperchase’s 127 stores, and around 1,000 of its 1,500 staff.
The Mail understands that Paperchase is shaking up its board to bring in more online experts – leading to the departure of Wood, a bricks-and-mortar retail veteran who was formerly chief executive of Pets at Home and American Golf.
In an email sent to staff and seen by the Mail, Wood said: ‘After working at Paperchase for over four years, and with completion of the purchase of the business by Permira [Credit], I have decided to retire from my position.
‘I have enjoyed my time supporting the business through the most turbulent period in retail in our lifetime. The plan ahead for Paperchase is exciting and the team will benefit from the fresh perspective of a new board set up.’
Paperchase has already hired two non-executive directors this year in Tanya Lawler, a former director at luxury cosmetics retailer Space NK, and Alexandra Jackson, a director at Nike.
Wood was hired by Paperchase in 2017, amid speculation that the firm could seek to float on the stock market.
But its struggles on the High Street have shattered any chances of a floatation.