Major retailer Paperchase has fallen into administration, reports the BBC

It previously revealed that the stationery firm, which has stores in Durham and two shops in Newcastle, was lining up administrators earlier this month. 

BBC News has today reported that the company has failed to strike a rescue deal, putting 820 jobs at risk.

Administrator Begbies Traynor has revealed that all 106 shops across the UK will continue to trade as normal and an update will be provided in due course.

It's believed that Paperchase will only continue accepting gift cards for another two weeks.