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.
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