Maplin became the second company of the day to collapse into administration and put another 2,500 jobs at risk.
Simon Thomas and Arron Kendall, partners in Moorfields Advisory Limited, have been appointed as joint administrators to Toys R Us.
The firm was grappling with a £15 million tax bill as well as money owed to lenders and struggled with cash flow pressures after sales were squeezed by worse-than-expected trading over Christmas.
Maplin employs 2,500 people across 217 United Kingdom stores.
Performance was also said to have been dented by soaring inflation, falling consumer spending and competition from online rivals.
However, he confirmed that attempts to find a buyer were ongoing: "We will make every effort to secure a buyer for all or part of the business".
"Maplin have made a decision 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 and Toys R Us going out of business is hardly surprising given the shift to e-commerce for retail, but for electronics and toys in particular".
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Maplin said it entered so-called administration proceedings after failing to find a buyer.
On Wednesday it was announced that retail giant Toys R Us had gone into administration, and now it has been revealed that all items will go into a clearance sale, with some items selling for as cheap as 6p each. "We are grateful for the commitment and hard work of employees as the business continues to trade".
The stores will stay open for the moment but the online service and click-and-collect will be closed immediately.
Poor holiday-season sales also prompted profit warnings from department-store chain Debenhams, carpet seller Carpetright childrenswear retailer Mothercare.
Before the United Kingdom part of Toys R Us went into administration, the company was planning to follow suit by closing at least 26 of their costliest stores by the spring of this year as well.
"The challenging conditions in the United Kingdom retail sector are well documented", said Zelf Hussain at PWC, which is acting as administrators for Maplin. Toys R Us said on Friday it had stock of the brands on its website.
Toys'R'Us filed for Chapter 11 bankruptcy protection in a USA court in September, which gives companies temporary protection from creditors while they try to renegotiate their debts and reorganise to continue operations.