Thousands of jobs at risk as South Yorkshire-based Maplin goes into administration

Maplin in Sheffield.
Maplin in Sheffield.

A South Yorkshire-based electronics retailer has collapsed into administration after talks with buyers failed to secure a sale.

Maplin, which is headquartered in Manvers, Rotherham, and has six stores across South Yorkshire, will continue to trade through the process.

It is regard as one of the biggest electrical retailers in the country, with more than 200 stores and 2, 500 staff.

READ MORE: Toys R Us goes into administration putting scores of Sheffield jobs at risk

It is yet another blow for the British High Street after Toys R Us, which has four stores across South Yorkshire, announced it is in administration today.

Meanwhile, Italian restaurant chain Prezzo, which has two eateries in Sheffield, is also understood to be closing 100 restaurants nationwide.

READ MORE: Uncertain future for South Yorkshire-based company that employs 2500 people
A number of factors have reportedly affected Maplin including a slump in the pound after the Brexit vote, weak consumer confidence and a withdrawal of credit insurance.

Chief executive officer Graham Harris said: "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."

He added that Maplin will now work with administrators PricewaterhouseCoopers "to achieve the best possible outcome for all of our colleagues and stakeholders."

READ MORE: {READ MORE: {https://www.thestar.co.uk/business/administration-jobs-at-risk-as-toys-r-us-fails-to-find-buyer-1-9039494|Administration: Jobs at risk as Toys ‘R’ Us fails to find buyer}

PwC said it would "explore all opportunities to find a new owner."

The company said stores will open as normal during this time, and there are no plans to close shops or make redundancies at the moment.

It added any outstanding customer orders will be delivered, and gift cards will be continue to be accepted in stores for the present.