Maplin’s administrator has failed to find a buyer for the fallen electricals retailer and announced further redundancies at the firm.
While the firm remained “open to interest” to find a buyer, administrator PwC said it would have to make another 66 redundancies at Maplin’s head offices in London and Rotherham.
Maplin has 217 stores in the UK and Ireland, employs 2,335 staff, and boasts an annual turnover of £235.8 million.
It entered administration last month, and the retailer claimed that UK consumers were paying over the top prices for US made gadgets.
HP, Microsoft and Apple moved to increase their UK prices sharply in the wake of the devaluation of the pound following the June 2016 Brexit referendum.
PwC said it will continue to trade the business as normal while it attempts to find a buyer.
“Given the cash position of the company, the directors resolved to put Maplin into administration”, it said.
“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 while 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.”
