Toys R Us makes redundancies, all shops expected to close in the next six weeks (Updated)

Administrators have confirmed that no buyer has come forward to salvage the retail chain.
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UPDATE: Moorfields Advisory Limited has confirmed via a press release that no buyer has been found for Toys R Us.

The administrators remain open to interest from potential buyers for parts of the business, but it has been necessary to make a total of 67 redundancies at the Company’s head office in Maidenhead earlier today.

25 stores have closed or will close tomorrow, with six weeks remaining for the rest of the country's stores to complete stock clearance and closure.

All staff affected have been informed and will be paid up to and including their last day of employment.

“We have made every effort to secure a buyer for all or part of the Company’s business," said Simon Thomas, joint administrator and partner at Moorfields, in the statement. "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,” Thomas continued.

“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.” 

Original story:

All UK Toys R Us stores are to close, with losses of around 3,000 jobs.

Administrators Moorfields have informed staff today that no buyer has come forward to salvage the firm, after it fell into administration on the 28th February.

Earlier today, MGA CEO Isaac Larian announced a campaign of investors who will attempt to salvage the firm's US arm which was found bankrupt in September 2016.

More information to follow.

Source: Sky News

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