On Wednesday of this week it was announced that two high street giants had entered into administration, Toys R Us and Maplin.
With a potential loss of around 3,200 jobs, Toys R Us failed to come to an agreement with their creditors and the administrator is now in the process of selling off remaining stock and looking for a buyer for the business.
Maplin are also in the process of selling off remaining stock and looking for a buyer for the business which has around 200 stores nationwide. The job losses is potentially 2,500.
Customers of both stores are being urged to redeem any gift cards and vouchers.
The very sad decline of two retail giants is an indication of how tough the current retail environment is. The rise in inflation and salaries coupled with the increasing trend for internet shopping are factors being blamed for their demise.
The difficulties on the “high street” also have an indirect effect on commercial landlords, suppliers etc.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.