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

The group, owned by private equity firm Rutland Partners, called in PwC on Wednesday after attempts to rescue the chain failed.

It comes after Toys R Us also fell into administration, affecting 3,200 staff.

Maplin has 217 stores in the UK, including Coventry, Rugby, Nuneaton, Stratford and Solihull, 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.

High street chains across the board have been hit hard by falling consumer spending, soaring inflation and competition from online rivals.

"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.

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Search for jobs, motors and property, or place an advert or family notice here</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>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>Electricals retailer Maplin has collapsed into administration, putting 2,500 jobs at risk.

The 40-year-old firm said it had been hit by the impact of the Brexit-hit pound, a "weak consumer environment" and the withdrawal of credit insurance.

Administrators PwC said there are no immediate plans to close any stores or make any redundancies, although this will remain under review.

Outstanding customer orders will be delivered as usual and the administrators are currently assessing the status of gift cards. In the meantime, gift cards will continue to be honoured in stores and online.

It is the second company to call in the administrators on Wednesday after Toys R Us also announced it has collapsed on a bleak day for the British high street.

The group, owned by private equity firm Rutland Partners, called in PwC on Wednesday after attempts to rescue the chain failed.

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."

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.</s>Maplin is 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, reports the Daily Mirror.

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>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>Electricals retailer Maplin has collapsed into administration, putting 2,500 jobs at risk.

The company has branches in Stoke, Crewe and Stafford.

The news comes just hours after Toys R Us announced it was going into adminstration, with 3,200 jobs at risk.

The group, owned by private equity firm Rutland Partners, called in PwC on Wednesday after attempts to rescue the chain failed.

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.

High street chains across the board have been hit hard by falling consumer spending, soaring inflation and competition from online rivals.

"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>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>Two of the UK’s best-known retailers collapsed into administration on Wednesday, putting well over 5,000 jobs at risk and underscoring the pressures stemming from inflation, slumping consumer confidence and the surging popularity of internet shopping.

Toys R Us, which had reportedly been wrangling with creditors for weeks, announced that it had appointed Moorfields to handle its wind-down, casting doubt over the future of 3,200 employees’ work.

Electronics retailer Maplin, meanwhile, said that its almost 2,500 workers’ jobs were at risk after it appointed PwC to handle its administration. Maplin has approximately 200 stores across the UK and Ireland.

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Both companies said that stores would remain open for the time being. Toys R Us said that stock would be subject to clearance and special promotions and it encouraged customers to redeem their gift cards and vouchers as soon as possible.

Moorfields said that it was making “every effort to secure a buyer” for the 1985-founded toy company which operates over 100 stores nationwide, making it one of the country’s largest.

As an administrator for Maplin, Zelf Hussain, a partner at PwC, said that his initial focus would also be on engaging with parties who may be interested in buying all or part of the company.

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

Chief executive Graham Harris said that the business had 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,” he said.

Retailers specialising in all sectors have been battling tough market conditions for years. Consumers have changed their shopping habits, increasingly spending money online with the likes of Amazon, at the expense of trips to bricks-and-mortar outlets.

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Rising inflation and falling real wages, coupled with an increase in the national living wage have also battered some of the best known names on the high street.

Separately on Wednesday, the Press Association reported that Italian restaurant chain Prezzo could close around 100 restaurants, putting hundreds of jobs at risk.

In September last year, Toys R Us – which operates in over 300 countries – filed for bankruptcy protection in the US. Experts at the time described it as one of the largest ever Chapter 11 filings by a speciality retailer.

In the UK, many of the its small stores had proved resilient and the company’s online performance had been robust too. But the bigger, warehouse-style outlets, opened in the 1980s and 1990s, had become increasingly expensive to run, placing a burden on the balance sheet.

Julie Palmer, regional managing partner at consultancy Begbies Traynor, said on Wednesday that while Toys R Us’ administration was eventually prompted by a £15m VAT bill due this week, that was nothing more than “the straw that broke the camel’s back in a saga that has played out over recent weeks”.

She said that despite efforts to avoid going bust, Toys R Us had “fallen foul of a perfect storm hitting bricks and mortar retailers across the board”.

In addition to the rising costs associated with an increase in the national living wage, she said that the apprenticeship levy and inflation had also eaten into profits, especially coupled with pressure on consumer spending.

“It is clear that only the strongest retail offers will survive what is one of the toughest trading environments the retail sector has seen for some time,” Ms Palmer said.

Neil Wilson, a senior market analyst at ETX Capital, said that both in the case of Toys R Us and in the case of Maplin, the “Amazon effect is all too clear to see” but he also said that that retailers are able to prosper if they have the resources to adapt.

“Ultimately this is a necessary shakeout of some pretty outdated retailers which, though terrible for those affected by job losses, is likely to mean a leaner, fitter retail market and a more productive use of capital,” Mr Wilson said. “The question is whether there are more out there that could fall by the wayside.”</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.
U.S. toy and juvenile-products retailer Toys "R" Us collapses into administration in the United Kingdom, putting 3200 jobs at risk.