All Toys "R" Us shops to shut in Britain

All Toys

The UK arm of Toys "R" Us entered administration, a form of creditor protection, in February, sunk by weak consumer sentiment, the growth of online sales and currency swings as a result of Brexit.

Recent reports indicate the U.S. division of Toys "R" Us could face similar closures and has already shut down stores in two waves. Moorfields, the company who worked alongside Blockbuster when the video rental chain went into administration, has been tasked with working alongside Toys R Us through its insolvency.

Administrators Moorfields were hired last month to find a buyer for part of the business after it struggled to pay a £15m tax bill and Toys R' Us was continuing to stress they "remain open to interest from potential buyers for parts of the business" despite their failure to secure one before today's deadline.

Toys R Us will shut all 100 of its United Kingdom stores after the retailer's collapse into administration.

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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.

The chain has also announced it will provide special offers and discounts while the stocks remain high, including a 30% discount on outdoor toys and bicycles.

The retail sector has had a dismal start to 2018, with the collapse of Toys R Us and Maplin and a host of firms undergoing painful restructurings, including New Look and eateries run by celebrity chef Jamie Oliver, as well as Byron and Prezzo. A new report says that the remaining stores could all be closing sooner than later, but none of that is confirmed.

After the news was announced to staff on Wednesday, 25 stores are expected to close later this week, with a further 75 shutting in the next six weeks. "Toys 'R" Us are no longer accepting items for exchange or refunds'.

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