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m3n4.net July 21, 2018


Toys R Us to shut final stores in next two weeks

13 April 2018, 02:34 | Vera Richards

A"Going Out Of Business sign hangs over the Toys R Us store logo in Omaha Neb. on Monday. Associated Press Nati Harnik

A

Police in London shut down a massive rave at an abandoned Toys "R" Us store.

Administrators announced today (Thursday, April 12) that the remaining 75 Toys R Us and Babies R Us stores in the United Kingdom are all set to close by Tuesday, April 24.

The retailer's administrators have confirmed over 2,000 employees will be made redundant.

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"In addition, there are many services provided within the group by different subsidiaries, so if you take over one part, you have to make alternative arrangements or negotiate new terms", Simon Thomas, from administrators Moorfields Advisory in the United Kingdom, said.

Toys R Us had been facing a £15 million tax bill combined with poor sales before its failure in February.

Toys R Us stores in the USA and the United Kingdom are now being shut down. When any remaining bent-box Barbies will be binned and 2,000 staff lose their jobs.

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After a failed restructuring attempt and poor December sales in the USA, the firm said in March it would close its stores in the U.S. and Puerto Rico. "We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments". Extended discounts of up to 70 per cent are in place from today and offers are available on some of our best-known brands.

Toy R Us was one of the most high-profile retail casualties in the first quarter of the year.

Kirkland & Ellis is serving as principal legal counsel to Toys "R" Us, while Alvarez & Marsal acts as restructuring advisor.

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The retailer said it struggled to keep up with the rise of online retailing and a change in shopping habits.



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