“Toys R Us” In The UK Goes Into Administration

Toys R Us in the UK have announced that they have gone into administration.    Insolvency specialists at Moorfields have been brought in and have begun the process of closing its British operations, which employ nearly 3,400 people.

Simon Thomas from Moorfields has said: “We will be conducting an orderly wind-down of the store portfolio over the coming weeks. All stores remain open until further notice and stock will be subject to clearance and special promotions. We’re encouraging customers to redeem their gift cards and vouchers as soon as possible.  We will make every effort to secure a buyer for all or part of the business.”

The company also has an estimated funding shortfall of at least £25m in its pension scheme and owes £15 million in tax.