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Toys R US to shut 100 stores in the UK

Proactive Investors Wednesday, 14 March 2018
Toys R Us, the bankrupt American toy company, is set to close its 100 stores in the UK, beginning this week, on the back of the news that a buyer could not be found to rescue it. The closure of the stores will mean that as many as 3,000 jobs will be lost, according to UK news reports. Moorfields Advisory, the company’s administrators, moved to shut down Toys R US’s business in the UK after it made considerable efforts to find a buyer for a portion or the entirety of the company.     Toys R US said: “We have made every effort to secure a buyer for all or part of the company’s business. This process attracted some interest, but ultimately no party has been able to move forward with a formal bid prior to the expiration of the stated deadline.” The British toys retail chain had been searching for a buyer for several weeks before formally appointing administrators last month. The news comes after its parent company filed for bankruptcy in the US and Canada last year with US$5bn of debt. The outlook for the retail sector in the UK has turned dreary, with retailers struggling to compete as consumers opt to buy goods online. Maplin, the electronics company, also entered into administration last month after failing to secure a rescue deal in talks between its private equity owner, Rutland Fund Management, and billionaire Philip Day – the owner of fashion retail chains Jaeger, Peacocks and Edinburgh Woollen Mill. Difficult restructurings, meanwhile, face New Look, Prezzo and Byron as well.  
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Source: CBS4 Miami - < > Embed
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