Yahoo Finance Electronics retailer Maplin in bid to find buyer
Maplin is holding crunch talks with a number of potential buyers, as it scrambles to secure the future of its 2,500 employees.
The owner of the electricals retailer, Rutland Partners, appointed PricewaterhouseCoopers in January to assess Maplin's options, after having identified cost-savings and written to landlords to ask for better rent terms.
Maplin is thought to be confident it will be able to find a buyer, although no deal has been agreed as of yet. It is also considering a pre-pack administration and preparing for the eventuality that it may have to call in administrators.
In a statement on Monday, a spokesman for Maplin said: “We are in advanced talks with a number of parties and expect to be in a position to announce a solvent sale of the business within days.
"Once secured this will stabilise the business to the benefit of all stakeholders and provide Maplin with the financial firepower to deliver its 2020 multichannel strategy focused on smart tech.”
The news of a potential sale, first reported by Sky News, comes as Maplin struggles with a weak balance sheet and unsustainable cost base.
It was thrown into chaos in November after credit insurers scaled back their exposure to the group amid widening losses, causing stock shortages.
However, the group had said it had "sufficient headroom" to navigate a tough trading backdrop.
Maplin is attempting to shift its business, under its 2020 Vision Strategy, to differentiate itself from retail giant Amazon, instead offering a service in which it can tell customers what smart devices will work in their homes, then sell and install those devices.
