Toys R Us stores reach close of play

Toys R Us stores reach close of play

Toys R Us have today confirmed the date it will close its last remaining shops, including its Banbury branch in the Castle Quay shopping centre.

The dates for the closure of the remaining 75 Toys R Us and Babies R Us stores, across the country, have been revealed. It was one of the most high-profile retail casualties in the first quarter of the year owing to rising costs, online competition and fragile consumer confidence.

Toys R Us had been facing a £15 million tax bill combined with poor sales before its failure in February.

Simon Thomas, joint administrator at Moorfields, said: "We are grateful for the hard work of everybody at Toys R Us during this extremely difficult and challenging time".

The retail sector has had a dismal start to 2018, with the collapse of Toys R Us and Maplin and a host of firms undergoing painful restructurings, including New Look and eateries run by celebrity chef Jamie Oliver, as well as Byron and Prezzo. "We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments".

More news: Freezing rain possibly on its way to parts of Muskoka

Toys R Us lawyer Joshua Sussberg, from Kirkland and Ellis, told a USA bankruptcy court hearing on Wednesday that several bidders were interested in buying an 85% stake in the firm's Asian unit.

Discounts of up to 70% are now available at the remaining stores, with all bikes, auto seats, strollers and action figures now on offer at half-price.

Nationally, 3,000 jobs are set to be lost.

This morning, Carpetright said it was seeking agreement from landlords to close 81 stores, while slashing rents on a further 113 outlets.

Bricks-and-mortar retailers in the USA and the United Kingdom, among other countries, have been facing mounting pressure from the continued rise of internet shopping.

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