Electricals retailer Maplin has collapsed into administration, putting 2,500 jobs at risk. Its 200+ UK shops will stay open and continue to trade for the time being – but we’re urgently checking how gift cards, online orders and your return rights are affected.
In a statement, Maplin’s CEO, Graham Harris, said a failure to raise investment – required due to the fall in the value of sterling post-Brexit, a weak consumer environment and the withdrawal of credit insurance (insurance that protects businesses from risks beyond their control) – was to blame.
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.”
“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.”
Ian Green, Zelf Hussain and Toby Underwood of PWC have been appointed as joint administrators of London and Rotherham-based Maplin, and will look to “achieve the best possible outcome” for the firm’s employees and stakeholders.