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Toys R' Us set to shut all UK stores, 3,000 employees to lose their jobs

By Caoimhe Toman

Date: Wednesday 14 Mar 2018

Toys R' Us set to shut all UK stores, 3,000 employees to lose their jobs

(ShareCast News) - Toys R Us are set to start closing all 100 UK stores on Thursday leaving 3,000 staff on the street after the retailer failed to find a buyer, leading to the collapse of the company.
The collapse of Toys "R" Us in the UK follows Toys "R" Us filing for bankruptcy in the US last September.

Administrators Moorfields were hired last month to find a buyer for part of the business after it struggled to pay a £15m tax bill and Toys R' Us was continuing to stress they "remain open to interest from potential buyers for parts of the business" despite their failure to secure one before today's deadline.

Indeed, the company had already laid off 67 people at its headquarters on Wednesday and was planning to close 25 stores the next day, resulting in another 541 layoffs, with the remaining 75 shops expected to be wound down over the next six weeks.

"The closure program for the remaining stores is expected to take approximately six weeks to complete with further announcements to follow," the company said in a statement.

The chain has also announced it will provide special offers and discounts while the stocks remain high, including a 30% discount on outdoor toys and bicycles.

Simon Thomas, joint administrator 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."

He also said the company would support all the staff made redundant as a result of the decision to shut down operations.


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