Electronics retailer Maplin enters administration

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But for more than 5,500 shop workers those rumours have become a grim reality as both Toys R Us and the Maplin electronics chain crashed into administration yesterday.

The online click-and-collect facility for Toys R Us has closed, but a large sale of remaining stock is expected to be launched in stores.

Administrator Moorfields Advisory has started an "orderly wind-down" of the Toys R Us' stores after the embattled firm failed to find a last-minute buyer to save the business.

"We will make every effort to secure a buyer for all or part of the business", said joint administrator Simon Thomas.

Both Toys R Us and Maplin have fallen victim to the curse of Amazon and Brexit having collapsed into administration in the midst of the escalating United Kingdom retail crisis due to the rise of online shopping and the fall of the pound following the decision to leave the European Union.

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.

More than 3,000 jobs were put at risk as it was revealed store closures would take place among its 106 outlets nationwide.

Best Buy plans to shut 250 small United States mobile phone stores
This is mainly attributable to the 33 percent market share that Best Buy holds on TVs and strong sales growth in recent months. The level of energy and dedication to serving customers that I see across the company is truly inspiring".

A weak Christmas season thwarted a rescue plan at Toys "R" Us U.K., which was left unable to meet a 15-million-pound ($21 million) value-added-tax liability due this month.

Maplin went into administration after suffering a slump in sales and running low on cash. Maplin has approximately 200 stores across the United Kingdom and Ireland.

Insurers cut credit cover a year ago because of Maplin's falling profits.

The entire European operations of Toys R Us are also on the market, encompassing 236 stores outside the United Kingdom in 10 countries including Austria, France, Germany and Spain.

In addition to its in-store operations, Maplin operates an extensive online and mail-order business.

"Our initial focus as administrators will be to engage with parties who may be interested in acquiring all or part of the company", said PwC partner Zelf Hussain.

"If you have recently bought anything from Toys R Us or Maplin, you may not be able to claim a refund or exchange the item if they cease trading. We are grateful for the commitment and hard work of employees as the business continues to trade".

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