Fears for King’s Lynn workers after Maplin falls into administration
Workers in Lynn are facing an uncertain future after electronics retailer Maplin went into administration.
The company, which has a branch on the Hardwick Retail Park, is continuing to trade while efforts continue to find a buyer.
Joint administrator Zelf Hussein said: “The challenging conditions in the UK retail sector are well documented.
“Like many other retailers, Maplin has been hit hard by a slowdown in consumer spending and more expensive imports as the pound has weakened.
“Our initial focus as administrators will be to engage with parties who may be interested in acquiring all or part of the company.
“We will continue to trade the business as normal whilst a buyer is sought.
“Staff have been paid their February wages and will continue to be paid for future work while the company is in administration.”
Meanwhile, reports have also suggested restaurant chain Prezzo, which has premises in Lynn’s Tuesday Market Place, is preparing to shut up to a third of its 300 sites.
The company, owned by private equity firm TPG Capital, is set to launch a Company Voluntary Arrangement (CVA), which would allow it to exit unprofitable branches and secure rent reductions on its remaining premises.