Toys R Us and Maplin collapse, putting 5,500 jobs at risk
It's a bleak morning for British retail as the post-Brexit economy threatens more than 5,000 jobs across the two beleaguered chains.
The UK division of troubled toy retailer Toys R Us is up for sale with 25 stores already closing.
One of the UK's last surviving technology retail chains has collapsed on the same day as the UK arm of Toys R Us, leaving thousands of jobs at risk.
As heavy snow batters the country, it's been a chilling morning for the high street: the UK division of toy retailer Toys R Us went into administration today, threatening 3,000 jobs in Britain. Founded in 1948, the company filed for Chapter 11 bankruptcy in the US last year.
Electronics retailer Maplin, which employs more than 2,500 workers, was unable to agree a sale with potential buyers and has also entered the administration process. The chain's 200 shops will remain open for now.
Maplin remained one of the last national dedicated gadget shops on the high street after the failure of Comet in 2012 and the merger of Dixons, Currys, PC World and Carphone Warehouse in 2014. A statement from Maplin blames the weak pound following the Brexit vote, low consumer spending and a loss of confidence among credit insurers.