The electrical goods retailer Maplin is in urgent talks to try and secure new investment by the end of this week in a bid to avoid appointing administrators.
In the latest sign of growing distress on the high street, Rutland Partners, the private equity group that took control of Maplin in 2014, is reported to be in crunch talks with potential buyers.
According to Sky News, one of the potential buyers is Edinburgh Woollen Mill, the retail empire run by Philip Day.
Maplin has more than 200 branches nationwide and employs about 2,500 people, but has been struggling for some time.
The Guardian reports that a Maplin spokesman 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.”
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