The future of two retail stores in Milton Keynes is under threat - after both companies went into administration.
Thousands of jobs are set to be axed nationwide across both Toys R Us and Maplin in what was a bleak morning for retail.
The news will come as a severe blow to staff at their stores in Milton Keynes, with Toys R Us based at the Leisure Plaza in Grafton Gate, and Maplin having a store in Snowdon Drive in Winterhill.
Maplin has more than 200 stores across the country, and the collapse this morning could affect 2,500 jobs.
CEO Graham Harris said: “It has not been possible to secure a solvent sale of the business and as a result we now have no alternative but to enter into an administration process.During this process Maplin will continue to trade and remains open for business.
“The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit, a weak consumer environment and the withdrawal of credit insurance."
The news from Maplin this morning came only shortly after Toys R Us also announced it had entered administration.
Simon Thomas, a partner at Moorfields, who have been appointed administrators at the failing toy firm, said: “We will be conducting an orderly wind-down of the store portfolio over the coming weeks. All stores remain open until further notice and stock will be subject to clearance and special promotions.
“We’re encouraging customers to redeem their gift cards and vouchers as soon as possible. We will make every effort to secure a buyer for all or part of the business.”
The collapse into administration is thought to put 3,000 jobs at risk at Toys R Us.