Toys R us displaying a huge closing down poster.
The toy retailer appointed Moorfields Advisory at the end of February to oversee the administration of the company, after failing to find a buyer.
Employees were told on last Wednesday that 25 of the retailer’s stores are closing this Thursday resulting in 541 redundancies, the other 75 remaining stores are set to close over the next six weeks. 67 staff at the groups head office in Maiden Head are also being made redundant.
The administrators remain “open to interest from potential buyers for parts of the business”, however, they have not met their own deadline to find a buyer. They continued: “We have made every effort to secure a buyer for all or part of the company’s business. This process attracted some interest, but ultimately no party has been able to move forward with a formal bid prior to the expiration of the stated deadline.”
“It is therefore with great regret that we have made the difficult decision to make a number of positions redundant at the company’s head office in Maidenhead and proceed with a controlled store closure programme. We are grateful for the hard work of Toys R Us staff during this difficult period and will be providing support where we can to those who have been made redundant.”
However, the chains administrators have also said there will be a nationwide discounting programme “so take advantage of special offers while stock remains high.