With no interested buyers in sight, the end is now officially here for all Toys R Us stores in the United Kingdom. Multiple reports are coming in that Moorfields, the Administrators in charge of winding down the business, failed to find even remote interest from potential buyers. Here’s a snippet from The Telegraph:
“The entire Toys R Us UK store portfolio is expected to close in the next six weeks after the retailer collapsed into administration last month.
Administrators Moorfields were appointed to wind down the retailer on Feb 28 but it has failed to attract a buyer for its 100 UK stores, the BBC reported. Toys R Us has already recently closed or is due to shut 25 of its shops by Thursday.
The retailer’s collapse, just weeks after apparently agreeing a rescue deal, put 3,000 jobs at risk. In early March, the company slashed its prices by as much as 25pc as it launched closing-down sales across its shops.”
This comes ahead of expected news on the liquidation of all U.S. stores. According to CNBC, they are currently drafting their plan to shutter their stores. Official word on the fate of the U.S. stores is expected as soon as today. If and when that is reports, we’ll share the news here as well.
CNBC is reporting that a new plan has emerged from the Toys R Us owners. The new strategy may keep as many as 200 stores open in the U.S. after liquidation is completed.