Maplin Collapses as Rescue Talks Fail
/Maplin, one of the UK's biggest electronics retailers with over 200 stores has collapsed into administration after talks with buyers failed to secure a sale, echoing the plight of RadioShack in the US.
The business faced the slump in the pound after the Brexit vote, weak consumer confidence and a withdrawal of credit insurance, making it “impossible” to raise capital/
“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 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.
Media Story - http://www.bbc.co.uk/news/business-43223175
