Toys R Us has gone into administration in the UK leaving 3,000 jobs at risk. The U.S. toy chain failed to find a buyer after struggling for months to compete with online retailers.
LONDON – The British arm of Toys R Us has gone into insolvency administration, putting 3,200 jobs at risk.
Accountancy firm Moorfields says it has been appointed to oversee “an orderly wind-down” of the debt-burdened toy chain, which has 105 U.K. stores.
It said Wednesday that it will “make every effort to secure a buyer for all or part of the business.” All stores will remain open until further notice.
Toys R Us has struggled in recent years, with its big warehouse-style stores losing business to online retailers. Its results over the crucial Christmas period were worse than expected.
The chain’s American proprietor filed for chapter coverage in September and introduced final month it will shut as much as 182 retail outlets within the U.S.
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