Toys R Us to close UK stores
Toys R Us is to close all of its UK stores after failing to find a buyer for the collapsed chain.
Last month, the company appointed partners at Moorfields Advisory to seek a buyer for the business. While “some interest” was generated, the administrators said it has not been possible to secure a sale although they still remain open to interest from potential buyers for parts of the company.
Some 67 people have now been made redundant at the Toys R Us head office while 25 stores have either closed in recent days or will close today. The closure programme for the remaining stores is expected to take approximately six weeks to complete with further announcements to follow.
Simon Thomas, joint administrator and partner at Moorfields, 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.
“It is therefore with great regret that we have made the difficult decision to make a number of positions redundant at the company’s head office in Maidenhead and proceed with a controlled store closure programme. We are grateful for the hard work of Toys R Us staff during this very difficult period and will be providing support where we can to those who have been made redundant.”
The administrators said they are extending the nationwide discounting programme introduced at the time of the administration with prices on many products cut by 30%.
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