Toys R Us and electricals retailer Maplin have gone bust, putting 5,500 jobs at risk.

Britain’s largest speciality toy retailer, saved from collapse just weeks before Christmas, has been scrambling to find £15million to fund a VAT bill due to the taxman today.

Its collapse has put 3,000 jobs at risk and leaves the Pension Protection Fund facing a £37million bill.

Game over? Britain’s largest speciality toy retailer is on the brink of administration, throwing the future of its 105 stores and 3,200 employees into further doubt

Meanwhile, some 2,500 Maplin workers could lose their jobs as the retailer also went into administration today after talks with a potential buyer over a possible rescue deal failed.

Discussions between Maplin and Philip Day, who owns fashion chain Peacocks and Edinburgh Woollen Mill, are thought to have broken down last night.

All 105 Toys R Us stores will remain open 'until further notice' while all stock 'will be subject to clearance and special promotions', administrator Moorfields said.

In terms of job losses, it said that 'many staff are likely to be affected' but added it had not yet decided whether some or all of the stores will close down.

Moorfields has been appointed to conduct what it called an orderly wind-down of the company's store portfolio, although Toys R Us insisted it is still seeking a buyer.

Simon Thomas, Moorfields partner, said: 'We will be conducting an orderly wind-down of the store portfolio over the coming weeks.

What Toys R Us collapse means for members of the firm's pension schemes The Pension Protection Fund, the lifeboat for failed firms, is expected to be left nursing a £37million bill as it takes on the firm’s pension liabilities. Ian Browne, pension specialist at Old Mutual Wealth, said there was no need for members of the company’s pension schemes to panic. 'When schemes collapse they fall into the hands of the PPF, who have the responsibility for paying workers’ pensions. Those who already reached the scheme’s normal pension age will receive 100% of their pension. 'For those who haven’t reached the normal pension age, the PPF will pay 90% of what their pension is worth, up to a cap. This cap is currently just over £38,500 per year for someone retiring at 65, so it only affects the highest earners. 'Members of the scheme can still take early retirement and a tax-free cash lump sum. In fact, the way PPF calculates these can sometimes be more generous than a typical scheme.'

'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.'

Toys R Us secured a lifeline in December after it agreed to pay £10million into its £18.4million pension black hole, allowing it to carry on trading through the Christmas period and close a quarter of its least profitable stores.

However, sales over the festive period are said to have been disappointing, making its financial position increasingly vulnerable.

It comes as Maplin called in administrators PwC after attempts to rescue the chain failed.

Maplin, which has 217 stores in the UK, said stores will remain open for now while administrators try to find a buyer for the group.

PwC said there are no immediate plans to close any stores or make any redundancies, although this will remain under review.

Zelf Hussain, joint administrator and PwC partner, said: '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.'

Outstanding customer orders will be delivered as usual and the administrators are currently assessing the status of gift cards.

In the meantime, gift cards will continue to be honoured in stores and online.

Collapsed: Maplin called in administrators PwC after attempts to rescue the chain failed

Hannah Maundrell, editor in Chief of money.co.uk said: 'Maplin have decided to continue trading for the moment, however if the administrator decides to suspend gift vouchers and refunds, you could be in for a lengthy battle to get your money back if you paid via cash.'

Maplin is the latest firm to be hit by the rise of online shopping. Last year, major credit insurers also refused to offer its suppliers vital cover for customer orders.

Graham Harris, the company's chief executive, blamed this, plus the pound's devaluation and a weak consumer environment, for the firm's demise.

'These macro factors have been the principal challenge, not the Maplin brand or its market differentiation,' Harris added.

Neil Wilson, senior analyst at ETX Capital, said: 'In both cases the Amazon effect is all too clear to see, but there is more to it than that – there are retailers out there who are adapting and prospering.'

He added: 'Clearly these are tough times in UK retail, with a combination of structural game-changers and a softening in consumer confidence affecting larger ticket items. Low rates and a buoyant economy kept them afloat for longer maybe than they ought to.'