Retail giant Toys ‘R’ Us intends to shut down all 100 of its UK stores over the coming weeks, resulting in the loss of around 3000 jobs.
As reported by The Guardian, the decision comes after administrators failed to find a new buyer for the struggling chain, which last year voluntarily filed for bankruptcy protection in the U.S. and Canada.
The company broke the news to staff yesterday, before letting go of all 67 employees at its head office in Maidenhead.
It’s believed around 25 stores will be shut down tomorrow, with the remaining 75 being closed down over the next six weeks.
The once-popular toy store — which also sells video games and consoles — used to be one of the biggest names in the retail space, but has stumbled in recent times due to the rise of online stores like Amazon.
Simon Thomas, joint administrator and advisor at Moorfields, the company Toys ‘R’ Us hired to find a buyer, said the retailer attracted some interest, but that nobody felt confident enough to make a formal bid.
“It is 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 program,” he commented.
“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.”
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2018