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Redundencies And Closures Feared Within Days At Maplin

Job Losses and Closures Feared at Maplin

Around 3 weeks ago we reported how Maplin may have been in significant financial difficulties and that a buyer for the high-street retailer was desperately being sought. A little over a week later our fears were confirmed after Maplin officially entered administration.

Despite being attempting to find a buyer since late February, things are beginning to come to a head for the company. A report via SkyNews has suggested that if a buyer isn’t secured within the next few days, stores will close and staff will begin losing their jobs. It may mark a sad end to another high-street shop.

No buyer Found!

PwC the firm handling the administration of the company has already revealed that 55 staff members from the London Head Office and 12 from a Rotherham office, have already been made redundant. As such, finding a buyer to save the company is clearly a pressing matter. At present, all 217 stores remain open, but the closure could put many of the 2,500 staff jobs at significant risk.

In response to the redundancies, PwC has said: “Unfortunately, it has not been possible to secure a buyer for the business.While the administrators remain open to interest from potential buyers, it has been necessary to make a total of 63 redundancies at Maplin’s head offices in London and Rotherham. All staff affected have been informed and will be paid up to and including their last day of employment.”

The future of Maplin

I’m not certain, but the fact remains that anyone who is going to buy the company is going to have to come forward soon. PwC has warned that if a new owner is not shortly forthcoming “controlled closures” are going to start to roll-out. I will be honest, isn’t surprising to me. At the same time though, I was not aware of just how grim things were at the company. At this point, we can just hope that a new owner is found and found quickly.

What do you think? Is there a way that Maplin can survive? Why do you think the company is struggling? – Let us know in the comments!

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