Stevenage Toys R Us to close doors next Thursday

by Frankie Norman April 13, 2018, 2:31
Stevenage Toys R Us to close doors next Thursday

The Coventry branch of retail chain Toys R Us will close before the end of the month, the company has confirmed.

The iconic toy chain collapsed in February and insolvency specialist Moorfields has been selling off the retailer's stock at knockdown prices.

Although the closing dates vary by store, the final day of trading will be Tuesday, April 24. It was one of the most high-profile retail casualties in the first quarter of the year owing to rising costs, online competition and fragile consumer confidence.

Toys "R" Us received interim approval of the incremental financing from the US Bankruptcy Court for the Eastern District of Virginia yesterday, and final approval by the court is scheduled for April 27.

It decided in March to liquidate its U.S. business and close all 735 stores in the country.

"In addition, there are many services provided within the group by different subsidiaries, so if you take over one part, you have to make alternative arrangements or negotiate new terms", Simon Thomas, from administrators Moorfields Advisory in the United Kingdom, said.

Toys R Us appointed Moorfields to handle the administration when the company was unable to pay its £15m tax bill. "We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments". In total, over 3,000 jobs will have been lost when the retailer closes.

Discounts of up to 70 percent are in place from today and over the next fortnight.

This morning, Carpetright said it was seeking agreement from landlords to close 81 stores, while slashing rents on a further 113 outlets.

Toys R U.S. continues to operate more than 700 stores across Asia, including Japan, China and Singapore.

Bricks-and-mortar retailers in the United States and the UK, among other countries, have been facing mounting pressure from the continued rise of internet shopping.

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