Toys’R’Us and Maplin both fall into administration
Administrators have been called in separately to both Maplin Electronics and Toys’R’Us today, with both companies unable to secure a buyer to take over the operations.
Toys’R’Us: 105 Stores, 3,000 Staff
Arron Kendall and Simon Thomas of Moorfields Advisory have been appointed joint administrators of Toys’R’Us. Toys’R’Us will begin an orderly wind down and their eBay shop, with a feedback score of 100,655, is still live but is on holiday settings displaying the message “This seller is currently away, and isn’t processing orders at this time”.
Currently Toys’R’Us high street stores remain open, but the company are unlikely to be able to pay a £15 million tax bill which has tipped them over the edge.
Toys’R’Us gift cards are still currently being redeemed, but exchanges are only being offered for faulty goods.
Maplin: 200 Stores, 2,300 Staff
Zelf Hussain, Toby Scott Underwood and Ian David Green of PricewaterhouseCoopers have been appointed as joint administrators of Maplin Electronics. Maplin will continue to trade through their 200 stores and currently their eBay shop, with a feedback score of 235,317, is still operating.
Maplin will work with the administrators “to achieve the best possible outcome for all of our colleagues and stakeholders”. Stores remain open with Maplin blaming weak sterling, flagging consumer confidence and the withdrawal of credit insurance for the callapse
Maplin gift cards are still currently being redeemed in store.