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Electronic goods retailer Maplin enters administration

RBR Staff Writer Published 28 February 2018

Maplin, a retailer of electronic goods in the UK and Ireland, has entered into administration, putting about 2,500 jobs at risk.

The retailer owned by Rutland Fund Management was in talks with Edinburgh Woollen Mill to sell it. The negotiations have, however, failed.

PwC has been appointed as the administrator and the company stated that it will achieve the best possible outcomes for employees and shareholders.

Founded in 1976, the 41 year old electronics retailer has about 200 stores in the UK and Ireland.  

Maplin CEO Graham Harris said: “I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process.

“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.”

Harris also stated that the company worked hard in the recent months to mitigate a combination of impacts including sterling devaluation post Brexit, weak consumer market and the withdrawal of credit insurance.

The administrators of Maplin are expected to keep the stores open and will also continue to operate the company’s website, while searching for companies that are interested in buying any parts of the business.

Recently, UK division of the toys retailer Toys R Us has also moved to the verge of administration, putting up to 3,200 jobs at risk by closure of more than 200 stores.

Recently, talks with buyers had also failed. The company also had a deficit of £30m in its Pension Protection Fund (PPF). The toys retailer’s US division had also filed for a Chapter 11 bankruptcy in the US.

Image: Maplin store in Gloucester Road, Bristol. Photo: Courtesy of Rept0n1x/Wikipedia.org.