Troubled Toys R Us chain set to close all its United Kingdom stores

Wednesday, 14 Mar, 2018

Simon Thomas, joint administrator and partner at Moorfields, said: 'We have made every effort to secure a buyer for all or part of the company's business.

On the same day, electronics retailer Maplin announced it was heading into administration - adding to the scores of established high street names to have folded in recent years.

But no suitor materialised in what is proving to be a awful time for high street retailers.

The writing has been on the wall for some months for Toys R Us.

Toys "R" Us has since closed 25 stores. Consumers rightly asked why they should bother going there instead of buying online'.

Compounding the retail sector's pain are the painful restructurings of high street eateries Byron, Prezzo and Jamie Oliver's casual dining chain, as well as rising business rates bills.

Toys "R" Us is one of the UK's largest toy retailers with 3,000 staff across the country.

The Toys "R" Us branch in Reading opened before Christmas in 2017, after moving from its original store in Kenavon Drive, where 765 homes are being built. Those sales were extended on Tuesday and products are being offered at discounts of as much as 30pc.

'It's a sad end to an era, but not surprising news because we know they've have been struggling to find a buyer.

"Unfortunately Toys 'R" Us aren't the only retailer who have been struggling recently, so anyone who is anxious about the future of their jobs should hope for the best but prepare for the worst. Those with gift cards they have yet to exchange will now no longer be able to do so after the deadline passed last weekend. The company said some buyers were interested in purchasing Toys "R" Us, but the company didn't receive any formal bids. Download it today and continue to enjoy STV News wherever you are.