Friday, 14 May 2021

Toys R Us preparing to close a quarter of its UK stores

Toys R Us

Toys R Us is preparing to close a quarter of its 106 UK stores, it is understood.

The toy giant, which has a large store at St George’s Retail Park and another much smaller shop in the city’s Highcross, is believed to be considering shutting a quarter of its 106 UK stores according to the BBC.

It is not yet known if those in Leicester will be affected.

Should they go ahead, the closures would mean the loss of hundreds of jobs and form part of a deal to renegotiate debts owed by the company to its landlords.

Toys R Us has about 3,000 workers across the UK.

It’s thought the company is seeking approval from its board and US parent company to enter talks with the landlords and is working on a company voluntary agreement (CVA), an insolvency procedure used by retailers with debt problems to reach a voluntary agreement with its business creditors.

However, Christmas trading looks set to continue.

Toys R Us is a subsidiary of the US chain, which filed for bankruptcy protection in September after running up over 33 billion in debts.

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