Osbornes Stationers goes into administration
A 200-year-old high street chain has gone into administration, putting 140 jobs at risk.
Staff at Osbornes Stationers, which is based in Birmingham and has 20 branches across the Midlands and South West, were told on Tuesday.
Restructuring firm FRP Advisory was appointed as administrator on Monday.
Directors at the stationers said the business had been suffering since the start of the economic downturn in 2008.
Steve Stokes, partner at FRP Advisory and joint administrator, said: "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."
Osbornes was founded as a printing business in Birmingham city centre in 1832 by Edward Corn Osborne.
The company has seven stores in Birmingham, three in Warwickshire, three in Nottinghamshire, three in Leicestershire and single shops in Bristol, Tewkesbury, Worcester and Daventry.