ibusinesslines.com March 18, 2018

Aberdeen Toys R Us store to remain open until further notice

14 March 2018, 10:18 | Kelvin Horton

The Toys R Us store at Oldbury. All the shops are expected to close over the next six weeks

The Toys R Us store at Oldbury. All the shops are expected to close over the next six weeks

Toys R Us is set to shut down all of its United Kingdom stores after failing to find a buyer, with the retailer now shutting down in the region indefinitely.

The Press Association is reporting that staff were told that no buyer has been found for Toys R Us and that all stores will close. Twenty Five Toys "R" Us stores have already closed over the past few days, and many others are scheduled to close by Thursday.

The total collapse of the nationwide retailer means 3,000 jobs will be lost.

The firm appointed Moorfields Advisory to oversee an administration at the end of February but the group said on Wednesday that "it has not been possible to secure a sale".

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 hard time for all retailers. Download it today and continue to enjoy STV News wherever you are. "Put all that together and becomes very complicated".

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

The news comes after its parent company filed for bankruptcy protection in the USA and Canada past year with US$5bn of debt. The company, which is owned by the private equity firms Bain Capital and Kohlberg Kravis Roberts, has been hampered by the debt load it was saddled with by the real estate firm Vornado Realty Trust, which bought Toys "R" Us in 2005.

From a retailer's perspective, not only is it sad to see a high street institution face the harsh reality of an online world, but those with outstanding gift cards will also be left empty-handed.

Performance was also said to have been dented by soaring inflation, falling consumer spending and competition from online rivals.

Do you work for Toys R Us?

Other News

Trending Now

Man Who Drafted Trump's Wall Plan Charged With Mosque Bombing
McWhorter will make his initial appearance in connection with the attempted IL bombing at a later date. According to reports , one of the offenders, Michael B.

'Whiteout': Third brutal winter storm blasts New England
Majority lost their service during the storm, but some haven't had power since the first destructive nor'easter roared in March 2. Snowfall rates reached 3 inches per hour at times and, combined with strong sustained winds, led to whiteout conditions.

Belarus wins its sixth medal at Winter Paralympics in PyeongChang
Ticket sales for Pyeongchang 2018 have reached 320,531, breaking the record for the most ever sold for a Winter Paralympic Games. Kurka, 26, placed seventh in the super combined, an event that consists of a super-G run followed by a single slalom run.

Google Assistant is now supported natively on the iPad
Not much, as Google obviously wants to keep the Assistant experience as similar as possible across both platforms. New reports have suggested that Google Assistant has now found a new home as it's being welcomed on the iPad.

USA Makes Taxes on Steel and Aluminum Imports Official
And there is now a race for the rest of the world to catch the exemption train, before it leaves the station in two weeks' time. Trump says he's sticking with his initial plan for import tariffs of 25 percent on steel and 10 percent on aluminum.

Suspect in Binghamton University student's death arrested in Nicaragua
Nicaraguan police say Tercero was in possession of a Nicaragua passport when he was arrested. Anderson is originally from Westbury, New York, a town on the western half of Long Island.

Sunny skies in Boulder today with a high of 55
Winds still blow from the west at 10 to 15 miles per hour , with gusts into the 20s or even 30s at times. Today's forecast calls for partly sunny skies with a high of 70 and an overnight low of 40.