Stationery and craft specialist Osborne Stationers has fallen into administration putting 20 stores and 140 jobs at risk.
Osbornes has appointed administrators FRP Advisory partners Steven Stokes and Gerald Smith to review the financial position of the company and its store portfolio while managing it as a going concern.
The retailer was founded in 1832 and is one of Birmingham’s oldest retailers with its head office and warehouse are located in Hay Mills, Birmingham.
FRP said despite Osbornes’ loyal customer base the retailer has lost money over the past two years, restricting it from being able to restructure the business. The directors have therefore placed the retailer into administration.
Stokes said: “Osbornes has battled through tough trading conditions over the last few years.
“Despite the continuing support of a loyal customer base, anticipated cash flow problems have prompted the need for the directors to seek the protection of administration whilst the business is restructured and marketed for sale.”