All Toys "R" Us shops to shut in Britain

All Toys

Toys R Us was one of the nation's biggest toy retailers and administrators previously said they were making "every effort" to secure a buyer for the business.

The UK arm of the embattled US-based toy chain appointed Moorfields Advisory partners Simon Thomas and Arron Kendall to oversee an administration at the end of February.

The administrator said the company's remaining 75 Toys "R" Us and Babies "R" Us stores would stay open to sell off existing stock, and that the process of closing them would take about six weeks. It had set a deadline of Wednesday to find a buyer for its remaining stores. Twenty Five Toys "R" Us stores have already closed over the past few days, and many others are scheduled to close by Thursday.

'It is therefore with great regret that we have made the hard decision to make a number of positions redundant at the company's head office in Maidenhead and proceed with a controlled store closure programme'.

But no suitor materialised in what is proving to be a awful time for high street retailers.

Larry Kudlow is the leading contender to get Gary Cohn's job
They spoke only on condition of anonymity to discuss internal administration roles. The White House said this week that Cohn would leave his gig soon.

But don't be fooled by the sale stickers after we revealed how the toy retailer is flogging items at higher prices than their rivals. Those sales were extended on Tuesday and products are being offered at discounts of as much as 30pc.

"The closure program for the remaining stores is expected to take approximately six weeks to complete with further announcements to follow", the company said in a statement.

Toys "R" Us recently responded to those reports, though it didn't confirm or deny them outright.

Today (March 14) staff were informed that no buyer had been found and so they would need to start the hunt for new jobs.

"Unfortunately Toys 'R" Us aren't the only retailer who have been struggling recently, so anyone who is anxious about the future of their jobs should hope for the best but prepare for the worst.

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