One of the UK’s biggest electronics retailers has collapsed into administration after talks with buyers failed to secure a sale.
Maplin, which has more than 200 stores and 2,300 staff, will continue to trade through the process.
The business faced the slump in the pound after the Brexit vote, weak consumer confidence and a withdrawal of credit insurance.
These factors made it “impossible” to raise capital, boss Graham Harris said.
The news came shortly after retailer Toys R Us went into administration.
Toys R Us UK goes into administration
Toys R Us has gone into administration, putting 3,000 UK jobs at risk.
Administrators have been appointed to begin “an orderly wind-down” of the UK’s biggest toy retailer following the failure to find a buyer.
They said that all 105 Toys R Us stores will remain open until further notice.
Joint administrator Simon Thomas said: “Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided.”
Jobs fears for Yorkshire staff as Toys R Us are plunged into administration
Hundreds of jobs could be lost in Yorkshire after toy giant Toys R Us was plunged into administration today.
A total of 3,200 jobs are said to be at risk company-wide, with nine stores set to close in Yorkshire.
Last ditch rescue attempts are said to have failed and administrator Moorfields Advisory has started an “orderly wind-down” of the company’s stores after the embattled firm failed to find a last-minute buyer to save the business.
Toys R Us is one of the nation’s biggest toy retailers, with more than 100 stores in the UK and 1,500 in 33 countries across the globe.
2,300 jobs at risk as Maplin goes into administration
MORE than 2,300 jobs are under threat after Rotherham-based electronics chain Maplin went into administration.
PwC were today appointed administrators of Maplin Electronics Limited, which has head offices in Manvers and London.
The firm employs 2,335 people and has 217 stores across the country.