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PwC: More redundos at HQ of UK 'leccy stuff shop Maplin
No buyer found for moribund tat bazaar
PwC’s Maplin Electronics’ administration team has laid off another bunch of hapless souls from head office as the protracted - and some might say doomed - search for a buyer to rescue the retailer runs on.
Some 57 redundancies were made at HQ in London and nine in Rotherham, taking the total to 129 since Maplin was placed in the hands of PwC on 28 February.
“It is with real regret that we have made this decision,” said Toby Underwood, joint administrator and PwC partner. “We are grateful for the support of the employees during this difficult period.”
He confirmed that 79 Maplin staff were still retained at the head offices but made no comment about the fate awaiting the 2,000 plus heads employed across the group or the 200 plus stores they man.
PwC’s appointment last month was not a surprise to El Reg or its readers, it followed a string of credit insurers pulling lines of covers for Maplin in late 2017 amid concerns over its debts owed to private equity parent, Rutland Partners, and biting competition from online rivals.
The removal of trade indemnification by the likes of QBE, Euler and latterly Atradius hit the liquidity of Maplin as distributors, including Tech Data - the largest in the UK - wanted to deal on a cash-only basis.
Finding a third party to save Maplin from insolvency hasn’t been so easy, and with none forthcoming with an offer deemed appropriate, a closing down sale has begun. ®