Toys R Us will close all its stores in the UK within the next six weeks.
The company went into administration on the 28 February 2018 after the company was unable to pay a £15 million VAT bill. A deadline for potential buyers to make a bid for the toy retailer has now passed
The joint administrators, Simon Thomas and Arron Kendall of Moorfields Advisory Limited, are now trying to sell parts of the business.
Around 3,000 jobs will be lost across the retailer’s chain of 100 stores and in its central warehouse in Coventry and its head office in Maidenhead.
At the company’s head office, 67 staff were informed today that their roles would be made redundant.
25 stores have already or are about to be closed down permanently in the next day or two. These stores had begun their closing down sale earlier because of a previous Company Voluntary Arrangement (CVA) which proposed that shutting loss-making stores would help Toys R Us stay in business.
The remaining 75 stores are already holding closing down sales and will continue to do so until stock is cleared.
Gift cards and vouchers are no longer accepted. Goods can no longer be exchanged or refunded, except for faulty merchandise.
Simon Thomas, Joint Administrator and Partner at Moorfields, 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.
“It is therefore with great regret that we have made the difficult decision to make a number of positions redundant at the Company’s head office in Maidenhead and proceed with a controlled store closure programme. We are grateful for the hard work of Toys “R” Us staff during this very difficult period and will be providing support where we can to those who have been made redundant.”
“All of the remaining 75 Toys “R” Us and Babies “R” Us stores will remain open until further notice. We’re extending the nationwide discounting programme and would like to encourage customers to take advantage of the special offers available in store while stock levels remain high.”