Toys "R" Us Closing All UK Stores

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Toys "R" Us Closing All UK Stores

As reported by The Guardian, the decision comes after administrators failed to find a new buyer for the struggling chain, which previous year voluntarily filed for bankruptcy protection in the USA and Canada.

The UK wing of Toys "R" Us recently went into administration, and BBC is reporting that the company hasn't managed to find a buyer for the retailer's 100 UK stores.

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, but no suitor materialised in what is proving to be a hard time for all retailers.

The closure comes after Toys R Us struggled to find £15m to cover an outstanding tax bill.

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The UK arm of Toys "R" Us entered administration, a form of creditor protection, in February, sunk by weak consumer sentiment, the growth of online sales and currency swings as a result of Brexit.

"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".

Moorfields said at the time of the chain's collapse that it was making "every effort" to secure a buyer for all or part of the business, but no suitor materialised in what is proving to be a dire time for high street retailers.

But no suitor materialised in what is proving to be a awful time for high street retailers.

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The Toys "R" Us branch in Reading opened before Christmas in 2017, after moving from its original store in Kenavon Drive, where 765 homes are being built.

Today, they confirmed that no buyer was found and that a total of 67 redundancies were made at Toys R Us' UK head office in Maidenhead.

Thomas also said that stock at those remaining stores would be discounted even further, and encourages customers to "take advantage of the special offers available in store while stock levels remain high".

Toys "R" Us recently responded to those reports, though it didn't confirm or deny them outright. We'll keep you posted on any new details.

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