Sunday, 17 June, 2018

3000 jobs to go as Toys R Us confirms "controlled" store closures

Toys R Us to shut all stores leaving 3,000 jobs lost It will leave 3,000 people without jobs
Patty Aguilar | 14 March, 2018, 19:20

Toys R Us is one of the nation's biggest toy retailers, employing more than 3,000 across 100 stores in the UK.

Closing down signs are seen outside the Toys R Us store in Coventry Thomson Reuters LONDON (Reuters) - Toys "R" Us stores will disappear from Britain's shopping streets within six weeks, joint administrators for the retailer said on Wednesday, announcing plans to close the group's remaining 75 shops.

Administrators were called in at the end of February, but staff were told that no buyer had come forward and that all stores will close.

Around 25 branches of Toys R Us are closed already, or will be closing over the next few days.

But don't be fooled by the sale stickers after we revealed how the toy retailer is flogging items at higher prices than their rivals.

Moorfields said at the time of the chain's collapse that it is making "every effort" to secure a buyer for all or part of the business.

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"It is with great regret that we have made the hard decision to make a number of positions redundant at the company's head office in Maidenhead and proceed with a controlled store closure program", he commented.

The closure programme for the remaining stores is expected to take approximately six weeks to complete.

"It's distressing news for employees of Toys "R" Us and their families, especially because their fates have been uncertain for so long". Moorfields, the company who worked alongside Blockbuster when the video rental chain went into administration, has been tasked with working alongside Toys R Us through its insolvency. Download it today and continue to enjoy STV News wherever you are.

Last month, it was reported the company's American bosses had begun an "urgent search for a buyer" for the United Kingdom business after poor Christmas trading.

A closure process has also already begun with 26 loss-making stores earmarked from late previous year, when Toys R Us UK pushed through a restructure in its company voluntary agreement (CVA) proposal that was approved just before Christmas.

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