Toys R Us goes into administration

Toys R Us appears to have failed to find a buyer despite weeks of trying

The restructuring plan won the approval of 98 per cent of creditors in December, and had the backing of the Pension Protection Fund (PPF).

On March 2, 2018, Moorfields Advisory, the firm in charge of the closure of the retail chain, confirmed it was commencing a nationwide closing down sale at all stores. Moorfields said that the administration did not affect the global operations of Toys "R" Us outside the UK.

BELEAGUERED retailer Toys "R" Us' woes have continued after administrators started closing down sales across its stores.

3,200 jobs are at risk at Toys R Us has collapsed into administration, putting, after last-ditch rescue attempts failed.

Kirkland also acted for Toys R Us on the Chapter 11 filing for bankruptcy of its U.S. business in September 2017, as well as a deal with the Pension Protection Fund (PPF) that temporarily saved the company from collapse in December 2017. The brand's American and Canadian stores were already declared bankrupt previous year.

Retail analyst Kate Hardcastle, from Insight With Passion, said Toys R Us had cut staff levels to try to cut costs, buy this had led to poor service in the shops.

Maplin has annual turnover of £235.8m and employs 2,335 people across 217 stores in the United Kingdom and Ireland.

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With both companies undergoing administration, the jobs of over 5,500 people are at significant risk.

The company is one of the UK's largest toy retailers with 105 stores across the country. "We are grateful for the commitment and hard
work of employees as
the business continues
to trade".

"The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit, a weak consumer environment and the withdrawal of credit insurance", Maplin CEO Graham Harris said in a statement.

The company has said that gift cards and vouchers will be honoured while the stores continue to trade, but customers are being encouraged to redeem vouchers as soon as possible as stores may close without notice.

The toy seller will not be able to refund any returns but can provide exchanges with a receipt. All outstanding click and collect orders placed online will be fulfilled in the ordinary course of business, subject to the stock continuing to be available.

"While the narrative about the sad demise of Toys'R'Us focuses on how it was killed by the Internet, data shows that the rise of multichannel player Smyths caused even more damage than Amazon", said Patrick O'Brien, retail research director at consultancy GlobalData.

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