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 also went into administration.
“We believe passionately that Maplin has a place on the High Street and that our trust, credibility and expertise meets a customer need that is not supported elsewhere,” Mr Harris said.
Maplin will now work with administrators PwC “to achieve the best possible outcome for all of our colleagues and stakeholders,” Mr Harris added. PwC said it would “explore all opportunities to find a new owner”
Stores will open as normal during this time, and there are no plans to close shops or make redundancies at the moment, PwC said. Any outstanding customer orders will be delivered, while gift cards will continue to be accepted in stores for the present, it added.