UPDATE: Tesco has bought the brand and intellectual property but not the 106 shops.

MAJOR retailer Paperchase has fallen into administration, reports the BBC

We previously revealed that the stationery firm, which has stores on Byres Road, Buchanan Street, and Silverburn Shopping Centre, 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.

READ MORE: Major retailer with several Glasgow stores lines up administrators

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.

Paperchase also has a store in Braehead Shopping Centre in Renfrew.