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UK Toys"R"Us Falls into Administration"

04 March, 2018, 01:56 | Author: Samuel Sharp
  • 5300 jobs at risk as two big UK retailers collapse

Retailer Toys R Us has crashed into administration putting jobs and stores at risk, but what do customers need to know?

Toys R Us UK operates a store at Chesterfield's Spire Walk Retail Park.

The toy retailer has struggled in Britain in recent years as shoppers increasingly prefer to spend online rather than visit its large out-of-town stores.

The company, which also trades as Babies "R" Us, today (28 February) appointed Simon Thomas and Arron Kendall of Moorfields Advisory as administrators who are now managing an "orderly wind-down" of the retailer.

Toys R Us stores will remain open during the administration process, but the retailer can not refund any returns.

Gift cards and vouchers will continue to be honoured while the stores remain open but customers are encouraged to redeem them as soon as possible.

Thomas said in the emailed statement that administrators will continue to seek a buyer for all or part of the business.

Toys "R" Us and Maplin, in particular, were fighting an uphill battle as consumers feel increasingly confident about buying many of their products without seeing them first.

Attempts to sell the business have failed, meaning that the retailer will start plans to close down potentially all of its 106 United Kingdom stores.

All stores are due to remain open until further notice.

Customers can expect huge "clearance discounts and other special promotions" in stores and online as the retailers bids to shift the stock.

Maplin employs 2,500 people across 217 United Kingdom stores. The toy store chain has been looking for a buyer for weeks in order to avoid bankruptcy, but made a decision to file for bankruptcy today anyway.

Toys R Us Copdock.

Toys'R'Us filed for Chapter 11 bankruptcy protection in a U.S. court in September, which gives companies temporary protection from creditors while they try to renegotiate their debts and reorganise to continue operations.

"It remains to be decided if some or all the stores will be closed".

"The fact that this administration follows so soon after Toys R Us' CVA this Christmas shows that pressure is coming from all directions".

With the CVA, the company would enter administration in order to get protection from creditors and the administrator would work with the company directors to produce administration proposals.


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