UPDATE: Maplin has officially collapsed into administration putting another 2,500 jobs at risk.

The group, owned by private equity firm Rutland Partners, called in PwC earlier today after attempts to rescue the chain failed.

Maplin has 217 stores in the UK, and PwC is still attempting to find a buyer for the group.

Graham Harris, the company's chief executive, said: "I can confirm this morning that 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."

He added that the retailer has been struggling to mitigate the impact of the pound's devaluation post the Brexit vote, a weak consumer environment and the withdrawal of credit insurance.

"This necessitated an intensive search for new capital that in current market conditions has proved impossible to raise -  these macro factors have been the principal challenge, not the Maplin brand or its market differentiation," Mr Harris added.

Edinburgh Woollen Mill, run by retail billionaire Philip Day, had been touted as a potential rescuer for Maplin.

But talks are thought to have broken down, leaving Rutland no alternative but to call in administrators.

Original story: ELECTRONIC chain Maplin, which has stores across Worcestershire, is on the 'brink of collapse' according to reports in the national media.

The BBC are among those reporting Maplin is rumoured to be in a battle for survival.

The company, which has store at Elgar Retail Park in Blackpole Road, as well as stores in Kidderminster and Redditch is understood to be in talks with potential buyers.

Sky News report Maplin had been in talks with Edinburgh Woollen Mill, the clothing company that owns Peacocks, Country Casuals and several other retailers, over a possible sale.

But Sky News says talks are rumoured to have broken down meaning that administration is now the most likely outcome for the firm.

Elsewhere the Press Association reports Toys R Us UK could plunge into administration today, if the firm fails to pay a £15 million tax bill.

The beleaguered firm announced a Company Voluntary Arrangement (CVA) at the end of last year in an attempt to shore up its financial position by allowing it to shut loss-making stores and secure deep discounts on rental costs.