Office Outlet, the stationery chain formerly known as Staples, has tumbled into administration just two years after its rebrand.
The retailer’s collapse has put 1,200 jobs at risk.
Office Outlet was only launched in February 2017 after Hilco bought the Staples business and rebranded its 106 UK stores.
Hilco said at the time it was working on “refining the proposition” amid plans to usher in “an improved product mix and much better pricing and promotions”.
But it offloaded the business months later following a management buyout.
Office Outlet launched a CVA last summer but has struggled to improve its trading performance amid a volatile market.
Deloitte, which has been drafted in to handle the administration process, said “demand for stationery supplies had continued to fall”. It added that suppliers had cut credit insurance terms, putting further pressure on the business.
Joint administrator Richard Hawes said: “In addition to a general downturn in trading as a result of the ongoing decline in the stationery market and UK retail in general, the company has recently experienced a reduction in credit from key suppliers, given the economic outlook which has severely impacted the financial position of the company.”
Office Outlet will continue trading while it seeks a buyer.