Swindon's Toys R Us store to shut, administrators announce

Tricia Pearson
March 15, 2018

Much like other retailers, Toys "R" Us has also been bruised by competition from Amazon and other online retailers.

Now, the iconic retailer is all but certain to close up shop.

The company, which is owned by the private equity firms Bain Capital and Kohlberg Kravis Roberts, has been hampered by the debt load it was saddled with by the real estate firm Vornado Realty Trust, which bought Toys "R" Us in 2005.

In Britain, the administrators had been trying to sell parts of the business.

In January, Toys R Us had announced it would close 182 USA stores, or about one-fifth of its remaining locations.

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Toys R Us is no longer accepting giftcards and vouchers. He added that Toys "R" Us also planned to sell operations in Canada, Central Europe and Asia.

Today, they confirmed that no buyer was found and that a total of 67 redundancies were made at Toys R Us' UK head office in Maidenhead.

Moorfields, appointed to oversee the United Kingdom business after its collapse a fortnight ago, will wind down all 100 stores over the next six weeks though it did not rule out the possibility of bid interest for some of the sites. The chain was able to keep refinancing its debt for years, but attempts to take Toys "R" Us public fizzled and its stature as market leader kept eroding.

Toys "R" Us had been closing one-fifth of its stores as part of efforts to emerge from one of the largest ever bankruptcies by a specialty retailer. Toys R Us employs about 33,000 people across its brands. The company said some buyers were interested in purchasing Toys R Us, but the company didn't receive any formal bids. There were more than 200 Babies R Us stores as of previous year.

The Sun Online has contact Toys R Us and we are expecting a statement shortly. Previous year alone, retailers cut 76,000 jobs as 7,000 stores closed. "For the financing world to say that they don't see a path forward for them is somewhat disappointing".

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