Finance

Thousands of high street jobs at risk

Thousands of high street jobs at risk

Administrator Moorfields Advisory said it had begun an "orderly wind-down" of the ToysRUs estate, which extends to more than 100 stores in the United Kingdom and 1,500 in 33 countries across the globe.

Attempts had been made to find buyers for the two well-known retailers but those attempts failed. The move had been expected since the weekend.

If the store closures go ahead it will put 3,000 jobs at risk for employees of the high street chain.

The firm employs 2,335 people and has 217 stores across the country. We will continue to trade the business as normal while a buyer is sought.

He said in a statement that the company struggled "to mitigate a combination of impacts from [a currency] devaluation post-Brexit, a weak consumer environment and the withdrawal of credit insurance".

Maplin entered into administration after failing to secure a rescue deal in talks between its private equity owner, Rutland Fund Management, and billionaire Philip Day - the owner of fashion retail chains Jaeger, Peacocks and Edinburgh Woollen Mill. There is little hope that another investor will take on the chain, because even Toys R Us's management team had wanted to close and downsize stores.

"We will make every effort to secure a buyer for all or part of the business".

Although the company is in administration, all of its stores will continue trading until further notice and much of the stock will be subject to clearance discounts and other special promotions. No returns for refunds will be accepted. Otherwise, customers can use their deposits toward the cost of any in-store purchases by March 11. The company's lawyers said last month that the decision to shut stores in the company's biggest market was prompted by increased competition and a shift by customers toward online shopping.

Maplin and Toys R Us UK stores will stay open for now while administrators determine their future.

The lead-up to today's news is a £15 million ($20.8 million) Value-Added Tax bill that the retailer is unlikely to be able to pay off due to poor sales.

Toys R Us is said to be struggling internationally, and sought bankruptcy protection in the United States and Canada a year ago.

Some are looking at innovative solutions, such as sharing their buildings with other stores or giving over part of their premises to businesses that consumers can not access from home - like cinemas or other entertainment venues. The company is trying to financially restructure itself and in the process is closing down hundreds of stores in the US.


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