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Great news for the UK toy retail industry as the Toys R Us CVA gains massive approval, as reported over at Toyworld Mag.

The toy retailer’s CVA proposal has been approved with 98% backing.

According to reporters who were present, today’s meeting, which was postponed twice to allow further discussion with the Pension Protection Fund, came to a successful conclusion for the retailer, with a significant majority of voters backing its proposal.

The new restructuring plan sees Toys R Us agreeing to pay £9.8m into the pension plan – £3.8m in 2018, and £6m over 2019 and 2020. The pension deficit recovery plan has also been shortened to 10 years.

The backing of the CVA means Toys R Us is able to keep all its stores trading over the crucial Christmas period.