April 21, 2018

Toys R Us store closures due 'in coming days' - administrators

04 March 2018, 01:57 | Lionel James

Toys R Us UK and Maplin enter into administration after failing to secure buyers

5300 jobs at risk as two big UK retailers collapse

As of late a year ago, Toys'R'Us in the United Kingdom employed more than 3,000 staff across more than 100 mostly warehouse-style stores.

Store workers in Kent face an uncertain future, after toys giant Toys R Us crashed into administration.

Regarding Toys'R'Us, administrators Moorfields said: "Following the failure to attract a buyer for the business. administrators are conducting an orderly wind-down of the company's store portfolio".

Meanwhile, PWC, the administrators for Maplin, said that the electronic goods retailer will continue to "trade as normal while discussions take place with interested parties in an attempt to find a buyer".

Arron Kendall and Simon Thomas of Moorfields Advisory have been appointed joint administrators of Toys'R'Us.

"We are grateful for their commitment as the business continues to trade".

As a result, stores across the United Kingdom will be closing in the coming days but customers can still enjoy one last hurrah after the company announced it will be discounting stock and launching big promotions nationwide.

Over in the U.S., Toys R Us have been planning to close about 180 of their locations across the country in an attempt to restructure its costs and hopefully emerge from bankruptcy, as CNBC reported in January.

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The corporate recovery specialist said that all stores would remain open until further notice.

Ireland's Smyths Toys may benefit from the latest crisis at the United Kingdom arm of Toys R Us, but the wider United Kingdom retail sector is now braced for major job losses.

"All is not well on United Kingdom (shopping) high streets", said Richard Lim, chief executive of Retail Economics.

He said the retailer has been struggling to mitigate the impact of the pound's devaluation post the Brexit vote, a weak consumer environment and the withdrawal of credit insurance.

Reductions will take place across every store in the United Kingdom and for now the toy chain has announced that it will be discounting 25 per cent from every single product.

- Can customers protect themselves when buying products in Toy R Us stores which are still open?

"If you have recently bought anything from Toys R Us, you may not be able to claim a refund or exchange the item if they cease trading".

Sinn Fein Assembly member Conor Murphy said: "Both companies have stores in a number of locations across the north so any job losses would be widely felt".

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