The administrator of Maplin has laid the blame for its collapse partly at the door of the rising price UK consumers are paying for US-made gadgets.
The electricals retailer entered administration today after attempts by management in recent weeks to seek a solvent sale of the business came to nothing.
Maplin has 217 stores in the UK and Ireland, employs 2,335 staff, and boasts an annual turnover of £235.8m.
Administrator PwC said it will continue to trade the business as normal while it attempts to find a buyer.
PwC said that Maplin had been the victim of "softening of consumer demand in what has been a challenging retail environment and higher-priced (US denominated) products".
"Given the cash position of the company, the directors resolved to put Maplin into administration," it said.
Zelf Hussain, joint administrator and PwC partner, 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."
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