Maplin has entered administration, putting around 2,500 jobs at risk across the UK.
Maplin has a store on Island Green in Wrexham.
Graham Harris, Maplin’s chief executive, issued a statement this morning that reads: “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. 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.”
Maplin will be kept open, and business will continue as a buyer is sought.
Maplin has around 200 stores and 2500 staff, and this morning’s statement notes that staff will still be paid.
Earlier today Toys R Us also entered administration.