Monday, 25 June, 2018

Swindon's Toys R Us store to shut, administrators announce

Toys R Us to shut all stores leaving 3,000 jobs lost It will leave 3,000 people without jobs
Preston Stone | 14 March, 2018, 22:23

Twenty Five Toys "R" Us stores have already closed over the past few days, and many others are scheduled to close by Thursday.

The retailer's collapse, just weeks after apparently agreeing a rescue deal, put 3,000 jobs at risk.

Administrators Moorfields Advisory were appointed last month to start winding down the UK's biggest toy retailer after it struggled to pay a £15m tax bill.

The British arm of the toy seller went into administration, which is similar to a bankruptcy, in February.

Moorfields said at the time of the chain's collapse that it is making "every effort" to secure a buyer for all or part of the business, but no suitor materialised in what is proving to be a dire time for high street retailers. "In addition there are many services provided within the group by different subsidiaries, so if you take over one part you have to make alternative arrangements or negotiate new terms".

Mr Thomas said remaining stock would be discounted further and "it should be an opportunity for people to buy some nice toys at a good price".

Baltimore chef Cindy Wolf is again a James Beard Award finalist
The fine-dining spot on Farwell Ave. with a seasonal menu was a semifinalist for Best New Restaurant , a national award, in 2014. Wolf was one of five chefs named as nominees for the Best Chef: Mid-Atlantic category.

A closure process has also already begun with 26 loss-making stores earmarked from late a year ago, when Toys R Us UK pushed through a restructure in its company voluntary agreement (CVA) proposal that was approved just before Christmas.

The administrators said that Toys R Us had outstanding liabilities of around £300m, including a £70-90m pension fund shortfall.

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

High street chains across the board have been hit hard by falling consumer spending, soaring Brexit-fuelled inflation and competition from online rivals.

"Toys 'R" Us have said all orders received prior to them going into administration will be fulfilled or refunded. That, or your favorite childhood memory of getting your first bike and riding it around the store, the last time you truly felt safe, free, and alive.

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