At the request of the directors of T4Toys Ltd, Toymaster yesterday appointed KPMG LLP as Receiver, following the appointment of a Liquidator by HMRC last Wednesday 25th October 2006.
In a statement Toymaster said it and the directors of T4 Toys and KPMG LLP, considered all the options available in the circumstances and concluded that the immediate closure of T4 Toys Ltd was the best option available; therefore T4 Toys Ltd will cease trading with immediate effect.
Toymaster will continue to honour all undisputed invoices for goods shipped to T4 Toys and invoiced through Toymaster, payment will be made on the due dates.
The statement added: "The Receivership of T4 Toys, following closely on the administration of Toymaster Kingdom Ltd, demonstrates the tough trading conditions for independent toy retailers in an extremely competitive market. However the financial strength of Toymaster has once again sheltered our suppliers from the financial impact of the receivership."