The news most UK collectors were hoping would not happen has happened. Toys R Us have failed in their efforts to save the company, and all stores will close their doors for the final time within the next six weeks.
Toyworld Mag take a look at this dire situation, which will see 3000 jobs lost.
Since its appointment as Joint Administrators of Toys R Us Limited (the “Company”) on 28 February 2018, Simon Thomas and Arron Kendall, partners in Moorfields Advisory Limited, have been seeking to secure a buyer for all or part of the business. Whilst this process has generated some interest, unfortunately it has not been possible to secure a sale.
The Administrators remain open to interest from potential buyers for parts of the business, but it has been necessary to make a total of 67 redundancies at the Company’s head office in Maidenhead earlier today.
All staff affected have been informed and will be paid up to and including their last day of employment.
25 Toys R Us stores have either closed in recent days or are due to close by tomorrow. These stores had been earmarked for closure as part of the proposals put forward in the Company’s CVA which was approved in December 2017. All other UK stores remain open until further notice. The closure programme for the remaining stores is expected to take approximately six weeks to complete with further announcements to follow.
