Published: Thu, March 15, 2018
Economy | By Shawn Conner

Toys R Us to close all US stores

Toys R Us to close all US stores

All of the United Kingdom stores that belong to Toys R Us are now poised to shut down after administrators failed to find a buyer for the collapsed retailer, resulting in a store closure programme that affects 3000 jobs.

Toys R Us filed for bankruptcy last fall, and the struggling toy retailer is reportedly working on a plan this week to liquidate the business entirely.

After the news was announced to staff on Wednesday, 25 stores are expected to close later this week, with a further 75 shutting in the next six weeks.

Toys "R" Us is one of the UK's biggest toy retailers, employing more than 3,000 across its stores in the country.

The company still operates around 800 Toys R Us and Babies R Us stores nationwide.

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The retail chain's American parent company is also close to collapse, with reporting suggesting it may start closing its 800 stores in the U.S. this week.

More: If Toys R Us goes away, where will shoppers go?

The debt-plagued retailer, which filed for bankruptcy protection in September, told employees that it planned to file liquidation papers ahead of a Thursday court hearing, The Wall Street Journal and The Washington Post reported.

"Consumers like going to free-standing toy stores", Silver said.

That buyout, by private equity investors Bain Capital and KKR, and real estate trust Vornado, saddled Toys with crushing interest payments amounting to $400 million a year, just as the economy was entering its worst downturn since the Great Depression.

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With such debt levels, Toys R Us did not have the financial flexibility to invest in its business. Now it appears that Toys "R' Us is finally ready to meet its own end, as reports indicate that the company is currently drafting liquidation plans". While most retailers saw a boon from a perky holiday shopping season, Toys R Us faced what it called "operational missteps".

The Sun Online has contact Toys R Us and we are expecting a statement shortly. He said that they "will all live to regret what's happening here".

Toys R Us has been in business for 70 years. The company has struggled to pay down almost $8 billion in debt - much of it dating back to a 2005 leveraged buyout - and has had trouble finding a buyer.

-2007: Toys R Us buys well-known NY toy store FAO Schwarz.

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