Toys R Us is to begin an ‘orderly wind down’ of the business after going into administration, with its 100-plus UK stores likely to close.
The chain, which has a branch at Goldstone Retail Park in Hove, was placed into administration today (February 28) after unsuccessful attempts to sell the business.
Administrator Moorfields said stores would continue trading until further notice and much of the stock will be subject to clearance discounts.
Simon Thomas, joint administrator at Moorfields, said: “We will be conducting an orderly wind-down of the store portfolio over the coming weeks. All stores remain open until further notice and stock will be subject to clearance and special promotions. We’re encouraging customers to redeem their gift cards and vouchers as soon as possible.
“We will make every effort to secure a buyer for all or part of the business. The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980’s and 1990’s.
“Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided. We have informed employees about the process this morning and will continue to keep them updated on developments. We are grateful for the commitment and hard work of employees as the business continues to trade.”