Maplin Joins Toys R Us in Going Full Woolworths

By Gary Cutlack on at

Two UK high street names have called in the administrators on the same day, with Toys R Us officially now in the hands of the accountants and Maplin joining the toy chain in admitting defeat and throwing in the Samsung-branded smart-towel.

The accountants at PwC have been given the passwords to the financial records of Maplins today, jeopardising the jobs of staff in the firm's 200 branches.

Boss Graham Harris thinks there's value left in the name and is blaming the multitude of business things and economic things that are always in the news for the chain's decline, saying: "The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit, a weak consumer environment and the withdrawal of credit insurance. This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise. These macro factors have been the principal challenge not the Maplin brand or its market differentiation."