About 3,000 people could lose their jobs as Toys R Us in the UK goes into administration
London — Retailer Toys R Us UK has gone into administration, the firm appointed to oversee the process said, putting about 3,000 jobs at risk. The toy retailer has struggled in the UK in recent years as shoppers increasingly prefer to spend online rather than visit its large, out-of-town stores. Moorfields Advisory said that all stores were to continue trading until further notice, but that the company had entered administration after an "unsuccessful attempt to sell its business as a going concern". "We will be conducting an orderly wind-down of the store portfolio over the coming weeks …. We will make every effort to secure a buyer for all or part of the business," Simon Thomas, joint administrator and partner at Moorfields, said in a statement. "While this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided." Toys R Us operates more than 100 stores in the UK and also trades as Babies R Us. Moorfields said that the a...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.