Sad news as Toys R Us does indeed go into administration, putting thousands of jobs at risk.
Toyworld Mag look at the details of the process going forward.
Simon Thomas and Arron Kendall, partners in Moorfields Advisory Limited, have been appointed as joint administrators to Toys R Us. Simon Thomas and Arron Kendall have also been appointed as joint administrators of Toys R Us Holdings Limited.
Founded in 1985, Toys R Us has entered administration following an unsuccessful attempt to sell its business as a going concern.
Although the company is in administration, all of its stores will continue trading until further notice and much of the stock will be subject to clearance discounts and other special promotions.
Gift cards and vouchers will continue to be honoured whilst the stores continue to trade, but customers are encouraged to redeem such vouchers as soon as possible as stores may be subject to closure without notice. No further gift cards will be sold from today given the current levels of promotional activity.
Deposits paid by customers under Take Time To Pay Agreements towards larger purchases will be honoured provided that the outstanding balance is paid and the goods collected by 11th March. Alternatively, customers can use their deposits towards the cost of any in-store purchases provided that these are also completed by 11th March.
Customers will no longer be able to order goods online or use the click and collect facility and are therefore encouraged to attend the stores to take advantage of the many discounts that will be introduced. All outstanding click and collect orders placed online will be fulfilled in the ordinary course of business, subject to the stock continuing to be available.
