Maplin Electronics Ltd., a U.K. retailer of electronic goods, on Feb. 28 went into administration but the search for a buyer will continue.
The company, which operates 217 stores in the U.K. and Ireland and employs 2,335 staff, had failed to find a buyer in recent weeks, according to a statement posted on the website of PwC, which named Zelf Hussain, Toby Underwood and Ian Green joint administrators.
"Given the cash position of the company, the directors resolved to put Maplin into administration," it said. Administration is similar to bankruptcy in the U.S.
Maplin had experienced a decline in performance as a result of the softening of consumer demand in what had been a challenging retail environment and higher-priced products, the statement said.
"The joint administrators will continue to trade the business as normal whilst discussions take place with interested parties in an attempt to find a buyer," it added.
