Thousands of jobs at risk as toy retailer falls into administration
PUBLISHED: 10:12 28 February 2018 | UPDATED: 14:47 28 February 2018
The UK's largest toy retailer, Toys R Us, has plunged into administration, putting 3,200 jobs at risk.
All stores will continue trading until further notice and much of the stock will be subject to clearance discounts and other special promotions, joint administrators Moorfields Advisory has confirmed.
“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,” Moorfields partner Simon Thomas said.
“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.”
Gift cards and vouchers will be honoured while the stores continue to trade, but customers are being encouraged to redeem vouchers as soon as possible as stores may be subject to closure without notice.
No further gift cards will be sold from Wednesday.
Founded in 1985, Toys R Us is one of the UK’s largest toy retailers with more than 100 stores nationwide, including at Ipswich, and over 1,500 stores worldwide in 33 countries. The company entered administration following an unsuccessful attempt to sell its business as a going concern, administrators said.