The RC toy specialist Toy State has closed its business with immediate effect, owing to “unavoidable financial circumstances,” leaving it no other option.
A statement from the firm’s founder has detailed that dramatic shifts in the manufacturing and retail landscapes have left the business with no other option than to shut up shop.
Cheng’s statement said: “I am writing to inform you that due to unavoidable financial circumstances, Toy State has been left with no choice but to cease all trading. We profusely apologise for this terrible turn of events, and will work with customers, licensors and service providers in the coming weeks to finalise specific details.”
Toy State has been in the business of RC toys for the past 34 years.
“Unfortunately, changing manufacturing and retail environments have combined devastatingly, which has ultimately had a terminal effect on our business and operations,” said Cheng.
“The owners of Toy State have left no stone unturned in the search for a workable solution. We are in no doubt that this news will cause much frustration and disappointment, we will continue to do everything possible within our available means to assist and answer all questions.”
The firm has assured its retail partners that country manager Michael Angel and the UK team will continue to assist where possible and can be reached on 0208 440 5060.