March 23, 2018

All Scots Toys R Us stores to close down within weeks

14 March 2018, 10:22 | Melvin Schneider

It will leave 3,000 people without jobs

Toys R Us to shut all stores leaving 3,000 jobs lost

Toys R Us, the beleaguered USA toy retailer, is set to close its 100 stores in the United Kingdom, beginning this week, on the back of news that a buyer could not be found to rescue it, according to multiple published reports.

Simon Thomas, joint administrator, said Moorfields' had negotiated with 120 different parties, majority interested in buying up stock, and half a dozen looking at the whole business.

Meanwhile, Mothercare admitted it was in talks with its banks, shares in Carpetright hit an all-time low after it issued its third profit warning in just four months, House of Fraser and Debenhams have also been underperforming, and the Big 4 grocers announced fresh rounds of job cuts in January.

It appointed Moorfields Advisory to oversee an administration at the end of February after the firm failed to find a last-minute rescuer.

Seventy-five stores will be closed over the next six weeks, on top of the 25 outlets that have already closed or are about to shut under an earlier plan.

"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".

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In the UK Toys R Us joins a long list of high street retailers including Maplin and Claire's that have run into difficulties this year.

"They missed an opportunity to reposition themselves as an inspirational place to shop at".

Mr Thomas added: "All of the remaining 75 Toys R Us and Babies R Us stores will remain open until further notice".

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".

Today (March 14) staff were informed that no buyer had been found and so they would need to start the hunt for new jobs.

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