Jobs bloodbath on the high street: Prezzo, Toys R Us and Maplin set to shut hundreds of stores

The future of the British high street faces an uncertain future with a series of well-known chains facing collapse or entering administration.

Earlier today, it was announced that the UK branch of the children's toy giant Toys R Us had gone into administration placing around 3,000 jobs under threat.

Moorfields has been appointed to begin "an orderly wind-down" of the UK's biggest toy retailer.

All stores are expected to remain open until further notice.

Meanwhile the electronics retailer Maplin, which has 200 stores and more than 2,500 members of staff announced today that it too was entering administration.

Talks with potential buyers ended in failure which lead to the collapse.

But the company's chief executive Graham Harris said that the business had "worked hard" to stay afloat.

Hannah Maundrell, Editor in Chief of money.co.uk said: "Sadly high street retailers are having a hard time at the moment and Maplin is the latest victim. Stores are struggling to compete with prices online and our shopping habits have changed dramatically."

The restaurant chain Prezzo is reportedly also set to close up to a third of it's 300 branches.

Sky News reported that the chain which is owned by the private equity firm TPG Capital, was entering a Company Voluntary Arrangement to push through major reforms.

The move is expected to result in the complete closure of their Tex-Mex chain Chimichanga.

Hundreds of jobs are now under threat at the chain which employs 4,500 people.

The National Living Wage and Apprenticeship Levy and high rents have created tougher environment for businesses in what are already difficult economic conditions.

For shoppers at Toys R Us, the online service and click-and-collect have been closed immediately, with stores expecting large-scale sales in the coming days and weeks.

Shoppers who have Toys R Us gift cards and vouchers should spend them in stores as soon as possible before the shops are closed down. No more gift cards will be sold.