By Kate Brown
A South Yorkshire-based electronics retailer, Maplin, announced its collapse into administration on Wednesday. It is regarded as one of the largest electrical retailers in England, with more than 200 stores and 2,500 staff. However, the pounds devaluation post Brexit, withdrawal of credit insurance, and a lack of consumer confidence have all been reported as contributing to the collapse of Maplin.
Also announcing its collapse into administration on Wednesday is Toys R Us, putting 3,200 jobs at risk. As one of the country’s largest toy retailers, with more than 100 stores in the UK, Toys R Us reported falling consumer spending and intense competition from online rivals. In addition, soaring inflation, the weakened pound after the Brexit vote, and a £15m tax bill were too reported as contributing to the collapse of Toys R Us.
A historic Sheffield firm, DavyMarkham, has seen over 100 staff lose their jobs after announcing administration earlier this week. With headquarters based in Sheffield, DavyMarkham specialises in heavy and complex engineering. However, in recent months the company has faced a number of financial and operational challenges causing cash flow issues.
After these announcements were made the shadow business secretary, Rebecca Long-Bailey, stated “workers are suffering stress and anxiety not knowing what the future holds for them. In the event of job losses, the government must act quickly to ensure that all workers receive swift redundancy payments and are properly supported”.
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