Toys "R" Us receives financing in Asia, Central Europe

Lynn Cook
April 13, 2018

When the chain of large toy shops failed in February, Moorfields, the insolvency specialist, began selling off its stock.

"I am very disappointed with the result, but we no longer have the financial support to continue the company's USA operations", Dave Brandon, chairman and CEO of Toys R Us, said in a statement at the time.

The remaining United Kingdom branches of Toys R Us are about to close forever, with the administrators giving the shop a final death day of April 24.

The retailer's administrators have confirmed over 2,000 employees will be made redundant.

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Returns for refunds and gift cards are no longer being accepted by the company.

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

The Toys R Us in Cardiff Bay has already shut while the Cardiff Queen Street branch will close on 19th April.

The company had initially saved itself in December by signing a Company Voluntary Arrangement which put debts on hold and gave it time to find a buyer.

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Its operations in Europe and Asia are said to be in a much more healthy state, with a lawyer for Toys R Us telling a U.S. bankruptcy court hearing yesterday that several bidders were interested in the Asian division.

Traditional brick and mortar retailers in both the US and the United Kingdom amongst other nations have faced mounting pressure because of the continued increase in shopping online by consumers.

Discounts of up to 70% are now available at the remaining stores, with all bikes, vehicle seats, strollers and action figures now on offer at half-price.

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