Toys R Us enters administration

All stores are to continue trading until further notice.
Publish date:
Social count:
0 0tru.jpg

Toys R Us has officially entered administration. Moorfields has been appointed as administrators for the brand, with stores continuing to trade until further notice.

Simon Thomas and Arron Kendall, partners in Moorfields Advisory Limited, have today, been appointed as Joint Administrators to Toys R Us Limited. Simon Thomas and Arron Kendall have also been appointed as Joint Administrators of Toys R Us Holdings Limited.

The chain will now begin preparations to close its 106 stores in the UK with estimated job losses at over 3000. The firm has been crippled by debts and most recently failed to pay its £15m tax bill, after searches for a buyer had fallen through.

Customers are being encouraged to redeem any gift cards as soon as possible, with stock soon to be entering clearance.

Simon Thomas, joint administrator and partner at Moorfields, said: “We will be conducting an orderly wind-down of the store portfolio over the coming weeks. All stores remain open until further notice and stock will be subject to clearance and special promotions. We’re encouraging customers to redeem their gift cards and vouchers as soon as possible.

“We will make every effort to secure a buyer for all or part of the business. The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980’s and 1990’s.

“Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided. We have informed employees about the process this morning and will continue to keep them updated on developments. We are grateful for the commitment and hard work of employees as the business continues to trade.”

A combination of factors has led to this outcome for the troubled retailer. The continued market dominance of online retailers has dealt a blow to warehouse-style shops, with competitively-positioned stores in city centres consuming the rest of the market share for physical retail.

With Toys R Us' insolvency, 3200 jobs now hang in the balance, with all 106 UK stores set to close.


Featured Jobs

Aardman Job Logo 620 x 349

Brand Manager (Maternity Cover)

Part of the brand team, The Brand Manager works closely with several members of the department, including Studio Publicist, Community Managers, Licensing, Sales and Attractions and Live Experiences teams to implement local and international strategies in the form of brand plans and maximising on all activity surrounding the properties.

Universal Job Logo 620 x 349

Senior Graphic Designer, EMEA - Consumer Products

Working in tandem with the Product Development team and reporting into the Design Manager EMEA, the purpose of this role is to drive forward our creativity across all licensed consumer products. As part of the creative team, you’ll be developing exceptional creative assets and product concepts for numerous NBCUniversal franchises that inspire licensing partners across the entire region.

SanrioJob Logo 620 x 349

Creative Manager

Best known for global icon Hello Kitty, Sanrio has a portfolio of more than 400 characters. We license a unique collection of branded gifts, stationery and fashion accessory items while collaborating with the most respected companies in the world. Our EMEA business coordinates the development licensing throughout Europe, Russia, Middle East, Africa, Asia (for Mr Men), Australia and New Zealand. An exciting, permanent opportunity has come up at our London office to lead our Design team as Creative Manager (m/f)

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.