Maplin - one of the UK’s biggest electronics retailers - has collapsed, putting 2,500 jobs at risk.

The company, which has more than 200 stores, went into administration this morning after talks with potential buyers fell through.

Maplin, which was founded in 1972, will continue to trade during the administration process, the company’s 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,” Harris added.

The company head blamed the fall of the pound post-Brexit, along with a “weak consumer environment” and the withdrawal of credit insurance for the collapse, saying it was “impossible” to raise the necessary capital to deal with current market conditions.

The news comes just hours after it was revealed that Toys R Us has also fallen into administration, putting 3,200 jobs at risk.

Rebecca Long-Bailey, Labour’s Shadow Business Secretary, commenting on Toys R Us and Maplin going into administration, said:

“It’s devastating that over 5,500 High Street jobs risk being lost. This latest shock in the retail sector continues a worrying trend for our shopping streets and centres.

“The government must urgently meet with both the unions and the companies to ensure that these jobs are safeguarded.

“Workers are suffering stress and anxiety not knowing what the future holds for them. In the event of job losses, the government must act quickly to ensure all workers receive swift redundancy payments and are properly supported.

“The government must also urgently address problems across the retail sector.”

This is a breaking news story and will be updated. Check back for the fullest version. Follow HuffPost UK on Twitter here, and on Facebook here. </s> As many as 5,500 jobs are at risk after two struggling retailers have gone into administration after failing to secure rescue deals.

Toys R Us has reportedly lined up Moorfields to handle the process. The toy chain also faces a £15m VAT bill in the UK. It employs about 3,000 workers in its 106 stores.

Owned by Rutland Partners, electronics chain Maplin also faces imminent bankruptcy after it failed to secure a deal. PricewaterhouseCoopers, who had been conducting the talks on behalf of Maplin for the past eight weeks, has been lined up to handle the electrical retailer’s administration. It has 200 stores and employs 2,500 staff in the UK.

According to Sky News, the retailer had been in talks with Edinburgh Woollen Mill, the clothing company that owns Peacocks, Country Casuals and several other retailers, over a possible sale.

Meanwhile two possible buyers — The Entertainer and Alteri Investors — were understood to have held talks about buying parts of Toys R Us UK but no deal could be secured. </s> This article is more than 1 year old

This article is more than 1 year old

Toys R Us is to shut all 100 of its UK stores, with closures beginning on Thursday after administrators failed to find a buyer for the collapsed retailer, resulting in the loss of 3,000 jobs.



The chain’s administrators said the group would be extending a nationwide discounting programme and encouraged shoppers to “take advantage of special offers while stocks remain high”.

The toy chain appointed Moorfields Advisory to oversee an administration at the end of February after the firm failed to find a last-minute rescuer.

On Wednesday, staff were told that no buyer had been found for Toys R Us and that all stores would close, with 67 staff at the group’s head office in Maidenhead, Berkshire, made redundant.

The administrators said they “remain open to interest from potential buyers for parts of the business” but it had not been possible to secure a sale by its stated deadline.

Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk

Toys R Us and Maplin fall into administration putting 5,500 UK jobs at risk Read more

About 25 stores will close on Thursday and 541 staff will be made redundant. The remaining 75 outlets are expected to shut over the next six weeks.

Toys R Us is one of the country’s biggest toy retailers, employing more than 3,000 across 100 stores in the UK.

Simon Thomas, joint administrator and partner at Moorfields, said: “We have made every effort to secure a buyer for all or part of the company’s business. This process attracted some interest, but ultimately no party has been able to move forward with a formal bid prior to the expiration of the stated deadline.

“It is therefore with great regret that we have made the difficult decision to make a number of positions redundant at the company’s head office in Maidenhead and proceed with a controlled store closure programme. We are grateful for the hard work of Toys R Us staff during this difficult period and will be providing support where we can to those who have been made redundant.”

The retail sector has had a dismal start to 2018, with the collapse of Toys R Us and Maplin, and a host of firms undergoing painful restructurings, including New Look and eateries run by celebrity chef Jamie Oliver, as well as Byron and Prezzo.

High street chains across the board have been hit hard by falling consumer spending, soaring Brexit-fuelled inflation and competition from online rivals. </s> Toys “R” Us will close all its stores in the United States after a worse than expected holiday season and the collapse of a restructuring plan, the Wall Street Journal is reporting.

The retailer, which filed for Chapter 11 bankruptcy in 2017, has plans to liquidate its U.S. holdings after abandoning plans to restructure the company, The Journal reported, citing sources close to the matter.

In February the company announced plans to close 200 stores. That announcement came not long after the company said 184 U.S. stores would be closed.

The company had been working to restructure its debt – nearly $5 billion worth – according to a story from Bloomberg News.

Citing a source who asked not to be named, Bloomberg reported that the search for a buyer for the company had not been successful.

Both stories point out that the situation could change, and the option to close the properties in the United States is only one proposed plan.

Reuters reported that talks to restructure the company were continuing, and that other options were still being explored.

LONDON, ENGLAND - FEBRUARY 19: Closing down signs sit on the window of Toys R Us in New Kent Road on February 19, 2018 in London, England. The toy retailer which employs 3,000 people faces going into administration if it is unable to pay a Â£15M VAT </s> Electricals retailer Maplin has collapsed into administration, putting 2,500 jobs at risk.

The retailer has two stores in North Wales - in Llandudno and Wrexham, and a store just over the border on Sealand Road in Chester.

The news of Maplin's collapse comes as Toys R Us fell into administration , putting 3,000 jobs at risk.

Bust firm leaves trail of debt but jobs saved in 'pre-pack' deal

Graham Harris, Maplin's chief executive, 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."

Maplin's administrators will keep the retailer's stores open, and will continue to operate the electronics retailer's website while searching for firms interested in buying parts of the business.

Maplin has 200 stores and 2,500 staff in the UK, and although sale talks have broken down, staff will still be paid. </s> Retailer Toys R Us has collapsed into administration, putting 3,200 jobs at risk, after last-ditch rescue attempts failed.

Retailer Toys R Us has collapsed into administration, putting 3,200 jobs at risk, after last-ditch rescue attempts failed.

Toys R Us collapses into administration putting 3,200 jobs at risk

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. The firm was grappling with a £15 million tax bill as well as money owed to lenders.

In addition, falling consumer spending, soaring inflation and competition from online rivals have dented performance in recent years. Simon Thomas, Moorfields partner and joint administrator, said: “We will be conducting an orderly wind-down of the store portfolio over the coming weeks.

“All stores remain open until further notice and stock will be subject to clearance and special promotions. We’re encouraging customers to redeem their gift cards and vouchers as soon as possible. “We will make every effort to secure a buyer for all or part of the business.”

Toys R US announced a Company Voluntary Arrangement (CVA) at the end of last year in an attempt to shore up its financial position by allowing it to shut loss-making stores and secure deep discounts on rental costs.

Its pension fund is set to be taken over by the PPF. Efforts to find a buyer fell flat and the firm was forced to call in the administrators.

Mr 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. “We have informed employees about the process this morning and will continue to keep them updated on developments.

“We are grateful for the commitment and hard work of employees as the business continues to trade.” All stores will continue trading until further notice and much of the stock will be subject to clearance discounts and other special promotions, Moorfields confirmed. Gift cards and vouchers will be honoured while the stores continue to trade, but customers are being encouraged to redeem vouchers as soon as possible as stores may close without notice. </s> Electronics retailer Maplin became the second high street retailer to collapse into administration today, putting 2,500 jobs at risk.

The group, owned by private equity firm Rutland Partners, called in accountancy giants PricewaterhouseCoopers after attempts to rescue the chain failed.

All Maplin stores across Britain and Ireland, of which there are more 200, will continue to trade and remain open for business, chief executive Graham Harris said.

The firm fell into administration on the same day it was announced Toys R Us had entered administration, where more than 3,000 jobs are under threat.

Mr Harris said Maplin had been hit by the impact of the Brexit-hit pound, a "weak consumer environment" and the withdrawal of credit insurance.

He 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.

"During this process Maplin will continue to trade and remains open for business.

"The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit , a weak consumer environment and the withdrawal of credit insurance. "

He continued: "This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise. These macro factors have been the principal challenge not the Maplin brand or its market differentiation.

"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.

"We will now work tirelessly alongside Zelf Hussain, Toby Underwood and Ian Green, from PWC, who have been appointed as the as Joint Administrators of Maplin Electronics Limited, to achieve the best possible outcome for all of our colleagues and stakeholders.”

The announcement came on the same day Toys R Us collapsed into administration, putting more than 3,000 jobs at risk.

Bosses had been scrambling to secure a rescue for the company but no last-ditch deal could be reached with a buyer this week as the company grapples with a £15million VAT bill.

The company came under increasing pressure to settle its debts, which was exacerbated by worse-than-expected Christmas sales.

Founded in 1985, Toys R Us is one of the UK’s largest toy retailers with over 100 stores nationwide and over 1,500 stores worldwide in 33 countries. It also trades as Babies R Us.

Administrators Moorfields said all stores will continue to trade "until further notice" but much of the stock will be “subject to clearance discount”. </s> Maplin has collapsed this morning, with PwC set to handle the administration, after sale talks broke down with a potential buyer.

The retailer's private equity owner Rutland Fund Management was in talks with Edinburgh Woollen Mill about a sale, but talks have collapsed, putting thousands of jobs at risk.

Read more: The rescue buyer which saved HMV has had talks with Toys R Us UK

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.

Maplin's administrators will keep the retailer's stores open, and will continue to operate the electronics retailer's website while searching for firms interested in buying parts of the business.

The brand may well be sold separately from the business, a common feature of retail administrations.

Maplin has 200 stores and 2,500 staff in the UK, and although sale talks have broken down, staff will still be paid.

The news of Maplin's collapse comes as Toys R Us fell into administration, putting 3,000 jobs at risk. Moorfields has been appointed to handle the administration.

The toy shop, which has a large property portfolio, failed to find a buyer and was forced into administration when it was due to pay a £15m VAT bill. </s> The administrator to collapsed retailer Toys R Us is expected to begin closing stores and making staff redundant as early as next week as hopes for finding a buyer for the stricken business fade.

The toy chain appointed Moorfields Advisory to oversee an administration at the end of February after the firm failed to find a last-minute rescuer.

Moorfields said it would begin an "orderly wind-down" of stores and it is now understood that the insolvency specialist is poised to close the first batch as it runs down stock, with hundreds of jobs set to be lost.

It is thought Moorfields will begin with the closure of at least 26 loss-making stores earmarked late last year, when Toys R Us pushed through a restructuring before its demise.

Toys R Us is one of the nation's biggest toy retailers, employing more than 3,000 across 100 stores in the UK.

Moorfields said at the time of the chain's collapse that it is making "every effort" to secure a buyer for all or part of the business, but sources indicated that this was unlikely in what is proving to be a dire time for high street retailers.

If no buyer emerges for the business, then stores will be sold off piecemeal or closed down.

The retail sector has had a dismal start to 2018, with the collapse of Toys R Us and Maplin and a host of firms undergoing painful restructurings, including New Look and eateries run by celebrity chef Jamie Oliver, as well as Byron and Prezzo.

High street chains across the board have been hit hard by falling consumer spending, soaring Brexit-fuelled inflation and competition from online rivals.
U.S. toy and juvenile-products retailer Toys "R" Us collapses into administration in the United Kingdom, putting 3200 jobs at risk.