United Kingdom retailer Toys "R" Us falls into administration

PA Wire  PA Images                   Toys'R Us also collapsed on Wednesday putting 3,200 jobs at risk

The restructuring plan won the approval of 98 per cent of creditors in December, and had the backing of the Pension Protection Fund (PPF).

All 105 stores are continuing to trade despite its surrender to deep financial problems on Wednesday that left 3,000 jobs at risk.

Toys R Us has been struggling since September 2017 when its U.S. owner filed for bankruptcy protection and managed to avoid administration.

Toys R Us stores will remain open during the administration process, but the retailer can not refund any returns.

Simon Thomas and Arron Kendall, partners at Moorfields Advisory Limited, have been appointed as joint administrators of the British division of the US retailer to oversee "an orderly wind-down of the store portfolio over the coming weeks", the company said in an emailed statement.

Toys'R'Us filed for Chapter 11 bankruptcy protection in a U.S. court in September, which gives companies temporary protection from creditors while they try to renegotiate their debts and reorganise to continue operations. In the meantime, its online resources will be taken down and 26 stores will close by late spring this year.

Administrators have been appointed to begin "an orderly wind-down" of the UK's biggest toy retailer following the failure to find a buyer.

TOYS R Us was once a kids' paradise - but there are fears over its future.

With both companies undergoing administration, the jobs of over 5,500 people are at significant risk.

"During this process Maplin will continue to trade and remains open for business". Customers are also being asked to redeem gift cards and vouchers, while they attempt to secure a buyer.

"Just like small specialised stores had to find niches that allowed them to survive, so large retailers will have to rethink their business model in order to survive in the changing environment".

Simon Thomas, joint administrator and partner at Moorfields, said: "We've introduced heavy discounts across the entire Toys R Us store portfolio today".

The toy seller will not be able to refund any returns but can provide exchanges with a receipt.

Alternatively, customers can use their deposits towards the cost of any other item bought in a store by 11 March.

But it has been losing money for years as it battled competition from online stores like Amazon.

Related News:

  • Wenger irked by scrutiny, says 'turned the whole world down'

    Wenger irked by scrutiny, says 'turned the whole world down'

    Former Arsenal defender Sol Campbell has taken aim at the club following Sunday's EFL Cup final defeat to Manchester City . There have been numerous changes behind the scenes including appointments that have removed some power from Wenger.
    Western Powers Condemn Iran Over Alleged Arms-Embargo Violations

    Western Powers Condemn Iran Over Alleged Arms-Embargo Violations

    On Monday, the resolution gained 11 favorable votes at the 15-member Security Council but was halted by Russia's veto. He also affirmed that the coalition forces' commitments to fighting terrorism and to human rights laws.
    Brantford evacuates 2200 homes in Grand River flood crisis

    Brantford evacuates 2200 homes in Grand River flood crisis

    Paul Nancekivell said Thursday is unlikely the boy, who family have identified as Kaden Young , would have survived the night. Joseph River closed down a waste-water treatment plant for several hours in South Bend, a city of about 100,000 residents.
  • Flu blamed for another child death in Minnesota

    Flu blamed for another child death in Minnesota

    It can cause a miserable but relatively mild illness in many people, but a more severe illness in others. Next year's Northern Hemisphere flu shot will contain a different strain of H3N2.
    PML(N) elects Nawaz Sharif 'leader for life'

    PML(N) elects Nawaz Sharif 'leader for life'

    Nawaz has already nominated Shahbaz for the prime minister candidate if PML-N wins this year's general elections. Mr Sharif was removed from the post of PML-N president by the apex court on Feb 22.
    Bruce McArthur now charged with murders of six men: Toronto police

    Bruce McArthur now charged with murders of six men: Toronto police

    Navaratnam, 40, went missing in September, 2010, and was the focus of a police investigation called Project Houston. This brings to six the number of charges of the capital crime now attributed to the former landscape contractor.
  • Admirers salute Billy Graham as motorcade crosses NC

    Admirers salute Billy Graham as motorcade crosses NC

    The procession traveled 130-miles to bring the evangelist's body back to his hometown of Charlotte. Graham's remains will be escorted from Asheville to Charlotte on Saturday, February 24.
    Jonathan Martin in Custody After Post with Gun, Threats Makes HS Close

    Jonathan Martin in Custody After Post with Gun, Threats Makes HS Close

    Martin, who has not been arrested but is being questioned by cops in Los Angeles , reportedly graduated from the school in 2008. Martin was traded to the San Francisco 49ers in March of 2014, and played for one season with the team before being waived.
    RBS returns to the black with £752m profit

    RBS returns to the black with £752m profit

    McEwan also hinted at a resumption of dividends at the group in the future following the much better financial performance. Millennium Management LLC boosted its position in Royal Bank of Scotland Group by 16.9% during the 4th quarter.
  • PM returns to country after two-day visit of Turkmenistan, Afghanistan

    PM returns to country after two-day visit of Turkmenistan, Afghanistan

    The Afghan president in his address said Afghanistan will leave no stone unturned to implement the project. He assured the Turkmen, Afghan and Indian leaders of Pakistan's full cooperation in making TAPI a success.
    British bank pays woman under half that of men

    British bank pays woman under half that of men

    Barclays group service, which includes operations and technology, had a salary gap of almost 30% and a bonus pay gap of 24%. However, the grocery retailer's median bonus gap was 27 per cent and mean bonus gap was 42.6 per cent.
    'Racist hate crime': Suspicious package sent to Prince Harry and Meghan Markle

    'Racist hate crime': Suspicious package sent to Prince Harry and Meghan Markle

    The package was investigated by Scotland Yard before it reached the couple , and the white power was later found to be harmless. A letter containing white powder sent to the British prince and his fiancé has sparked an anthrax scare.

Most liked

Avengers: Infinity War Release Moved Up To April 27, 2018
And while many fans would love to have the movie as early as possible, Downey Jr. added his enthusiasm for seeing it earlier. Avengers: Infinity War is set to be the first of a two-part movie event that will conclude with Avengers 4 in 2019 .

Trump reaches informal Air Force One deal with Boeing
And the Air Force had already been working to reduce the cost of the program before Trump was elected. He said the handshake deal would save $1.4 billion, implying a projected cost of $5.3 billion.

Signs the Walls Are Closing in on Jared Kushner
Joshua Harris , a founder of Apollo Global Management, was advising Trump administration officials on infrastructure policy. And that, on its own, raises concerns about the subsequent financial transactions between Kushner Companies and Apollo.

Turkish women sentenced to death in Iraq for IS links
A spokesman made the announcement Sunday as Iraq conducts trials for hundreds of foreign women who have been detained. One of them told the judge she had taken part in fighting against Iraqi forces alongside the jihadists, he said.

UN Security Council approves 30-day ceasefire in Syria
Syria's northern neighbour had previously been a staunch supporter of rebel groups fighting government forces. The ceasefire resolution does not include militants from the Islamic State , al-Qaeda, and the Nusra Front.

President Trump may pull Immigration and Customs Enforcement agents from California
Trump wasted little time before speaking out against Watson's ruling. "We are going to fight this bad rule", the president said. It's an essential part of Trump's efforts to crack down on cities and states that refuse to help enforce US immigration laws.

After Nirav Modi, another diamantere booked for Rs 389.85 cr fraud
They then went missing, prompting banks to move the Debt Recovery Tribunal and also got some collateral assets liquidated. The bank's Hapur branch paid out loans to 5,762 farmers in between January and March 2012 amounting to Rs 148.59 crore.

Grizzlies fall to Cavaliers — Postgame Report
The Grizzlies now head to Miami, where they look to even the two-game series with the Miami Heat tomorrow night at 6:30 p.m. The Cavs beat the Grizzlies in Cleveland the night before, and picked the December 14 game to rest each of their stars.

Former NFL lineman's shotgun 'revenge' Instagram post prompts school closing
Mr Martin did not play for Miami after the bullying allegations became public, and retired from the sport through injury in 2015. The alert did not say anything more about the threat, but said the school would release more information later in the day.

United States expected to move embassy to Jerusalem in May 2018
State Department spokeswoman Heather Nauert said, noting that it will coincide with Israel's 70th anniversary . The Palestine Liberation Organization decried Washington's decision as a "provocation to all Arabs".

LG V30 and G6 are getting into the Android Enterprise Recommended program
In a blog post, Google celebrated the 10 years of the first Android device and talked about Android Oreo ( Go Edition ) and Android One Smartphones.

Ferrari launches 2018 F1 vehicle
We have the sidepods and the radiator ducts which are even more aggressive, more innovative compared to past year . Vettel added: "I don't think the halo will bother, I think it's much less intrusive than I thought".

Black Panther #1 from Coates, Acuna coming in May
While this can seem like a lot to take in, the film presents all these issues in a way that is not aggressive or overpowering. Helping Black Panther with his missions is a team of badass women from his fierce protective squad, the Dora Milaje.

Doctors In India Remove Largest Brain Tumor Ever
During the seven-hour surgery, doctors removed the massive tumor along with skull bone which had moved into the brain. Pal, post-surgery, is recovering in the intensive care unit at the hospital and is in stable condition.

Million USD stolen from Russian Bank
Kamakodi added that the money has been retrieved or blocked in two out of the three cases, according to reports by CNBC-TV18. Kamakodi said the lender was working with Indian authorities to work with affected countries to investigate what happened.