Stationery retailer Paperchase could be forced to close stores as it becomes the latest major name to embark on a restructuring in order to survive.

The company has 130 shops across the UK including outlets in Canterbury, Maidstone, Sevenoaks, Bluewater and Tunbridge Wells.

It employs around 1,000 staff nationwide.

It has appointed business advisory firm KPMG to assist with restructuring options which, according are likely to include the possibility of a company voluntary arrangement - which involves negotiating with creditors in order to keep trading in some capacity.

Paperchase has blamed a decline in shoppers and rising costs for the predicament it finds itself in.

One option will be to cut back on its town centre sites in a bid to slash costs to survive.

Paperchase, which was purchased by private equity firm Primary Capital in 2010, said it would not comment.

It comes hot on the heels of news from Marks and Spencer that it is to close two of its popular Kent town centre stores and Debenhams potentially having to close more stores to survive.