Toys R Us confirms store closures as MPs scrutinise failing chains

Toys R Us confirms store closures as MPs scrutinise failing chains

'We have far too many stores and we will see many more closures into next year.

In an interview with Bloomberg in September, the company's spokesperson, Michael Freitag said, "Like any retailer, decisions about any future store closings - and openings - will continue to be made based on what makes the best sense for the business".

It is not yet known which stores will be closed, but staff are being told this morning.

It comes as the toys and games chain is under growing pressure from the internet, with millions of parents buying big-name brands online through Amazon and supermarkets.

Toys R United States said online shopping would be unaffected by the plans and that there would be no changes to its returns policies or gift cards across the festive period.

Troubled US retailer Toys R Us is set to close its Shrewsbury store in the spring of next year, one of 26 closing across the country.

It is understood that these stores will remain open throughout the Christmas period and into 2018 and that the plans shouldn't affect gift cards and returns.


"The decision to propose this CVA was a hard on, but we determined it is the best path forward to make essential changes to the business".

The company has 105 shops in total, including its newer, smaller shops which the company says have been trading well.

Steve Knights, managing director of Toys R Us UK, said the company had to take "strong and decisive action" as its largest warehouse-style stores opened in the 1980s and 1990s were "too big and expensive to run in the current retail environment".

The company said it will try to re-deploy team members where possible.

As it seeks to cut down on rent and move itself into profitability the company hopes to focus the business on smaller stores and online sales rather than warehouse-style mega outlets.

The business now employs 3,200 people, and as part of the CVA process, it anticipates a requirement to make redundancies. "Our teams will continue to play a key role in turning our business around".

The UK arm's CVA restructuring plan must be approved by creditors in a vote scheduled for December 21.

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