Doubt has been cast over 20 Yorkshire outlets of electrical retailer Maplin after the firm was placed in administration.
The 40-year-old company, whose headquarters are in Manvers, Rotherham, it had been hit by the impact of the Brexit-hit pound, a “weak consumer environment” and the withdrawal of credit insurance.
It had been hit by the impact of the Brexit-hit pound, a “weak consumer environment” and the withdrawal of credit insurance.
Chief executive Graham Harris said: “I can confirm this morning that it has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process.
“During this process Maplin will continue to trade and remains open for business.
“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.
“We believe passionately that Maplin has a place on the high street, and that our trust, credibility and expertise meets a customer need that is not supported elsewhere.”
There are currently 217 Maplin stores in the UK and it is said 2,500 jobs are at risk in total.