High street retailer Maplin has finally shut its doors
The outfit went into administration in February following a failure to secure a sale for the troubled business.
PwC, the administrator appointed for the electronics giant, blamed Maplin’s troubles on the post-Brexit slump in the pound which led to a higher price being paid for US goods, the withdrawal of credit insurance and the current challenging climate for high street retailers.
PwC was allowed to trade as usual to achieve the best result for creditors, and store closures were not expected. However, as no buyer was found for the ailing retailer, staff redundancies began in March and shops around the country were forced to close.
Started in 1972, Maplin developed into one of the largest electronics retailers in the UK, employing 2,335 staff at the time administrators took over, and had an annual turnover of £235.8m. Its final owners were Rutland Partners, who acquired it in 2014.
