Toys R Us to shut with 3,000 job losses after failure to...

Toys R Us to shut with 3,000 job losses after failure to find buyer

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All 3,000 staff at Toys R US are set to lose their jobs after administrators for the stricken toy chain admitted defeat in their efforts to find a buyer.

Moorfields, appointed to oversee the UK business after its collapse a fortnight ago, will wind down all 100 stores over the next six weeks though it did not rule out the possibility of bid interest for some of the sites.

Workers were told the grim news on Wednesday morning alongside details of the first redundancies , involving 67 head office staff in Maidenhead.

Moorfields said 25 stores, earmarked for closure before the failure, were due to be shut by close of business on Thursday and the rest would follow at the end of a closing down sale to get rid of existing stock.

Joint administrator and Moorfields partner, Simon Thomas, said: “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 very difficult period and will be providing support where we can to those who have been made redundant.”

The demise of Toys R Us and electricals chain Maplin – also first reported by Sky News – comes at a time of crisis for the wider high street which is facing weak consumer confidence and growing costs.

(c) Sky News 2018: Toys R Us to shut with 3,000 job losses after failure to find buyer