ELECTRONICS RETAILER Maplin has entered administration after failing to secure a takeover deal.

The company confirmed on Wednesday that 2,500 jobs are at risk after talks broke down with a potential buyer. This comes just a week after Maplin said it was seeking a takeover deal, with its future sights set on smart home installation and aftercare.

The firm's private equity owner Rutland Fund Management was in talks with retail chain Edinburgh Woollen Mill (EWM) - which also owns Peacocks and Ponden Home - about a potential sale, but these talks collapsed, leaving Maplin with no other option than to enter into an administration process.

PwC, which will handle the administration process, said Maplin's stores will remain open by it searchers for firms interested in buying parts of the business.

Graham Harris, Maplin CEO, said in a statement: "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."

News of Maplin's collapse comes just hours after Toys R Us fell into administration, putting 3,000 jobs at risk. µ</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>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>Electronics company Maplin has become the second retailer on the same day to collapse into administration, putting another 2,500 jobs at risk.

Electronics company Maplin has become the second retailer on the same day to collapse into administration, putting another 2,500 jobs at risk.

Maplin collapses into administration on black day for high street

It comes after Toys R Us also fell into administration, affecting 3,200 staff. Maplin has 217 stores in the UK, and PwC is still attempting to find a buyer for the group.

Graham Harris, the company’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. “During this process Maplin will continue to trade and remains open for business.”

He added that the retailer has been struggling to mitigate the impact of the pound’s devaluation post the Brexit vote, 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,” Mr Harris added. Edinburgh Woollen Mill, run by retail billionaire Philip Day, had been touted as a potential rescuer for Maplin.

But talks are thought to have broken down, leaving Rutland no alternative but to call in administrators.

“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,” the chief executive insisted.</s>One of the UK's biggest electronics retailers has collapsed into administration after talks with buyers failed to secure a sale.

Maplin, which has more than 200 stores and 2,300 staff, will continue to trade through the process.

The business faced the slump in the pound after the Brexit vote, weak consumer confidence and a withdrawal of credit insurance.

These factors made it "impossible" to raise capital, boss Graham Harris said.

The news came shortly after retailer Toys R Us went into administration.

"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," Mr Harris said.

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.

Mail order

Zelf Hussain, joint administrator and PwC partner, said: "The challenging conditions in the UK retail sector are well documented.

"Like many other retailers, Maplin has been hit hard by a slowdown in consumer spending and more expensive imports as the pound has weakened," he said.

"Staff have been paid their February wages and will continue to be paid for future work while the company is in administration."

Maplin has 2,335 staff, 217 stores and an annual turnover of £235.8m. It operates in the UK and Ireland and has head offices in London and Rotherham.

It began as a mail-order business in 1972, providing electronic components to hobbyists.

Maplin opened its first shop in Westcliff-on-Sea in Essex in 1976.

After changing hands several times, the chain has been owned by Rutland Partners since 2014.

Potential buyers had included Edinburgh Woollen Mill, the clothing company that owns Peacocks, Country Casuals and several other retailers.

However, talks are understood to have broken down.

High Street chains have been badly affected by lower consumer spending, higher inflation and competition from online rivals.</s>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>Electronic giant Maplin has gone into administration putting thousands of jobs at risk.



The chain which has a branch Grimsby, at High Point Retail Park on Cressey Street, employs 2,500 people nationally.

The news comes as Toys R Us, who employ 3,000 people across the country, also announced they too had go into administration. 



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.

"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 added: "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.”</s>Electronics retailer Maplin has gone into administration putting 2,335 jobs at risk.

Toby Underwood, Zelf Hussain and Ian Green, of PwC, have been appointed joint administrators of the company which operates 217 stores across the UK and Ireland.

These include two stores in Manchester and branches in Salford, Bolton and Oldham.

All stores will stay open while administrators try and find a buyer for the company which has an annual turnover of £235.8m.

The news swiftly follows the confirmation that Toy R Us has gone into administration.

Toby Underwood, joint administrator and PwC partner, said: “The challenging conditions in the UK retail sector are well documented. Like many other retailers, Maplin has been hit hard by a slowdown in consumer spending and more expensive imports as the pound has weakened.

“Our initial focus as administrators will be to engage with parties who may be interested in acquiring all or part of the company. We will continue to trade the business as normal whilst a buyer is sought.

“Staff have been paid their February wages and will continue to be paid for future work while the company is in administration.”

Maplin who had been in talks with the owner of Edinburgh Woollen Mill over a possible rescue deal after experiencing falling profits. But discussions between Maplin and Philip Day, who also owns fashion chain Peacocks, are said to have broken down.

Digital marketing expert Alex Connock, previously head of video at LADbible and now a visiting professor at the University of Salford Business School, claims online video is partly to blame for the fall of Maplin and Toys R Us.

He said: “Tech disrupts most industries - Spotify and music, Uber and taxis - but at least it has the good manners to smash them up one at a time.

“Even in this disruptive era, one innovation stands out, because it risks rendering obsolete three major 20th century industries at once - retail, advertising and commercial TV. The culprit? E-commerce video.

“The videos are stylish, usually subtitled (most online video viewing is done mute) and short - and targeted specifically at you. Almost every consumer brand is using them.

“Video is disrupting retail because it works. It makes people more likely to buy stuff than simple product listings or photos, let alone a trip down the High Street and the impact has been seen today with the news about Toy R Us and Maplin."</s>Christopher Borders, 20, was arrested and faces charges of armed robbery after stealing electronics from several Harbison area stores over the course of two days. (Source: Columbia Police Department)

An electronics thief in Columbia was arrested Tuesday after robbing Target, Staples, and GameStop stores all in the Harbison area over a span of two days.

Christopher Borders, 20, was arrested at his Rusty Barn Road home after the stolen goods were found in a search of the premises.

Borders reportedly threatened employees at each store by telling them that he had a knife on him. He is facing charges of Armed Robbery, Shoplifting, and Malicious Injury to Property.

Borders stole Apple watches from Target, a backpack and some ink from Staples, and general electronics from GameStop. He is currently held at the Lexington County Detention Center.</s>Flexible electronics market projected to see CAGR of 11% now through 2013

The flexible electronics market is expected to grow from $23.92 billion in 2018 to reach $40.37 billion by 2023, at a compound annual growth rate (CAGR) of 11% between 2018 and 2023, according to ReportLinker (www.reportlinker.com). Flexible electronic devices are easy to assemble being light in weight and portable, adds the research group.

This has resulted in the growing adoption of flexible electronic devices for solar power harnessing, healthcare, and consumer electronics application, which collectively drive market growth. The widespread use of rigid electronic devices is hindering the growth of the flexible electronics market to a large extent. Samsung Group (South Korea), LG Group (South Korea), and Solar Frontier (Japan) are some of the prominent players in the flexible electronics market

OLED lighting and flexible batteries are expected to demonstrate rapid growth in the flexible electronics market during the forecast period, says ReportLinker.

 Flexible OLED lighting solutions are expected to be increasingly adopted for automotive applications as they are easy to integrate, provide improved luminosity, and offer optimization in saving space and cost.

The growing interest in flexible OLED lighting from major automobile manufacturers is also expected to boost this high rate of adoption, adds ReportLinker. Flexible batteries are also expected to be rapidly adopted for consumer, healthcare, and industrial applications. Improvements such as rechargeability will aid longer operational times in various applications.
British electronics retailer Maplin Electronics collapses into administration after rescue talks fail, with 2,500 jobs at risk.