The discount retailer has gone into liquidation
A bargain store is set to shut stores across the UK after going into liquidation.
Paul Mathers, managing director of MaxiDeals, told The Grocer that the firm had ceased trading ‘very suddenly’.
He blamed ‘really tough trading environment on the high street, accompanied with rising costs’ for the closures.
In a statement online, Mr Mathers said: “MaxiDeals was a new startup discount retail business backed by investors, where I was given the responsibility of opening its retail locations across various parts of the UK.”
The retailer was originally named MaxiSaver, with its first store opening opened in Hinckley, Leicestershire, in August 2020.
The business expanded to 24 stores across the UK under its parent company J&E Group.
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MaxiDeals entered voluntary liquidation on February 18 after it was agreed at a general meeting that it could not continue trading thanks to liabilities, records at Companies House showed.
Many UK retailers announced store closures in the past year due to financial pressures, changing shopping habits, and economic conditions.
More than 13,000 high street shops shut down last year, a 28 percent increase from 2023, Express reports.
Experts have said even-worse closures could be seen in 2025 due to budget-related cost hikes.
Boots announced it would be closing multiple branches across the UK, including in Newcastle, Sunderland, Leicester, and London.
Wilko shut all 400 of its stores in October 2023 but has since started reopening under new ownership, with plans for 300 more locations this year.
The Body Shop has gone into administration, with multiple stores closing.
This includes in London, Bristol, Warwickshire, and Kent.
