Maplin in Administration
Posted by: Mike-B on 28 February 2018
News this morning: Maplin Electronics, general electronics parts & components stores around UK with 200+ stores & 2300 staff have gone into administration but will continue to trade through the process. They are blaming the slump in the pound, weak consumer confidence & withdrawal of credit insurance. The news clip says Maplin & the administrator PwC plan is to find a new owner.
Its a shame, but I'm not surprised; last time I was in a store I noted a lot of stock & more staff than customers. Maybe long over due to change the business model, less stores more www. That said they have gone through a series of new owners & the current owners have been restructuring in the last few years, including click & collect to provide a larger www range than available in-store plus a lot of other initiatives. Looks like it hasn't worked out.
USA forumites; Maplin is very (remarkably) similar to Radio Shack in product lines & I see they went into bankruptcy in 2017, are they still trading ??