Tue, 13 Mar 2018 | ADMINISTRATION
The administrators in charge of retailer Maplin has announced that more than 50 staff from the company's head office have been made redundant as hope for finding a buyer begins to fade.
PricewaterhouseCoopers (PwC) was appointed the administrator of the electronics chain at the beginning of March after talks with potential buyers failed to result in a sale. As a result, the administrators announced that 63 people will be made redundant from the company's head offices, based in London and Rotherham.
According to PwC, all of the staff members who have been affected by the changes have now been informed, and all involved will be paid up to the termination of their employment.
The company also revealed that they are still seeking offers for the electronics chain, which they have suggested could still provide value to the retail sector through its 200 stores.
"We still believe there is strong value in the company and we remain focused on doing all we can to preserve the business while we continue trying to achieve a sale," said Toby Underwood, one of the joint administrators at PwC for Maplin. "Maplin is continuing to trade, but due to a lack of interest, we may be required to initiate a controlled closure programme."
The retail chain has been searching for a buyer since last year, when credit insurers decided they would no longer cover suppliers. This resulted in these businesses demanding payments from Maplin, which soon fell into financial troubles as a result.
This problem is similar to that facing Toys R Us, which also fell into administration earlier this year and is also currently failing to find a buyer.
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