Toys R Us confirms plans to shut at least 26 United Kingdom stores

Toys R Us to shut 'at least' 26 UK stores

According to Sky News, Toys R Us' UK arm is set to propose the closure of 25 of its 105 UK stores, putting swathes of its 3200-strong UK workforce at risk of redundancy.

Steve Knights, managing director of Toys R Us UK, said the closures affected warehouse-style stores it opened in the 1980s and 1990s which "are too big and expensive to run in the current retail environment".

Mr Knights said the firm had instigated a company voluntary arrangement (CVA), which enables a company to agree a plan to pay the money it owes while continuing to trade. "The business has been lossmaking in recent years and so we need to take strong and decisive action to accelerate the transformation", said United Kingdom managing director Steve Knights in a statement.

The 26 Toys "R" Us stores that will be closing in 2018.

.

The company now employs 3,200 people across the UK.

Accounts for the year to January show a turnover of £418million, on which it made an operating loss of £0.5million. The CVA, which has to be approved by its creditors, could result in the loss of up to 800 jobs.

Trump defends scaling back Utah monuments
Prior to joining the U's political science department, Tim worked for former Salt Lake City Mayor Ted Wilson and former Utah Gov. The President's move was met with protests in Utah and in San Francisco by environmentalists and some Native Americans.

There will be no detrimental effect to Christmas shopping for your children as all of the stores in the United Kingdom will remain open throughout Christmas this year.

The UK business has been struggling for the same reasons as its parent, as shoppers shun the large out-of-town sheds that are synonymous with the Toys R Us brand, in favour of shopping online.

'The decision to propose this CVA was a hard one, but we (are) determined it is the best path forward to make essential changes to the business'. "Our teams will continue to play a key role in turning our business around".

The announcement comes just months after the US-based retailer filed for bankruptcy protection in the USA and Canada as it battled mammoth debts and increasing competition online.

Retail analyst Kate Hardcastle, from Insight With Passion, said the challenge facing Toys R Us is a common theme of retailers.

Related News:

  • Steph Curry Hurts Ankle, Leaves Game In Crutches

    Steph Curry Hurts Ankle, Leaves Game In Crutches

    After the game, he exited the locker room using crutches, reportedly on his way to get X-rays. Curry has been averaging a team-high 26.3 points per game for the Warriors (19-6) this season.
    Honor 7X and View10

    Honor 7X and View10

    It runs on Huawei's home-grown octa-core Kirin 659 processor clocked at 2.36 GHz and features a Mali-T830 MP2 graphics processor . It looks like a neat package, and despite it's affordable price, Honor have always impressed us with its build quality.
    NCMC reviews preparedness activities for Cyclone Ockhi

    NCMC reviews preparedness activities for Cyclone Ockhi

    All fishermen have been warned to not venture out and those already out have been asked to return immediately. Tamil Nadu State Revenue Control Room has said a total of 690 people have been rescued so far.
  • Support pours in as San Marcos community processes killing of beloved officer

    Support pours in as San Marcos community processes killing of beloved officer

    A Hays County SWAT team assisted the San Marcos Police Department during the standoff with the suspect, officials stated. He worked just about every day off to provide for his kids and because he knows we're shorthanded and we need the help.
    Starbucks Shanghai Reserve Roastery Features AR, Innovative Design

    Starbucks Shanghai Reserve Roastery Features AR, Innovative Design

    Sales in same-stores were up by 8% in China in the most recent quarter, in comparison to an increase globally of just 2%. The Roastery cafe includes three wooden coffee bars and a dedicated bar that offers China's traditional drink, tea.
    Jimmy Smith Suspended Four Games Under NFL's PED Policy

    Jimmy Smith Suspended Four Games Under NFL's PED Policy

    The Ravens are expected to place Smith on injured reserve this week. The Ravens (7-5) now occupy the AFC's second wild card spot. The two teams meet on Sunday in a crunch divisional clash.
  • Qualcomm makes the Snapdragon 845 processor official

    Qualcomm makes the Snapdragon 845 processor official

    As with the outgoing Snapdragon 835 , Samsung is the fabrication partner, and the 845 will be built on the company's 10nm process. Gone are the days of a USB dongle to add mobile data as the NovaGo offers Gigabit LTE thanks to the Qualcomm modem.
    Twenty-First Century Fox Inc (NASDAQ:FOX) Position Trimmed by Fayez Sarofim & Co

    Twenty-First Century Fox Inc (NASDAQ:FOX) Position Trimmed by Fayez Sarofim & Co

    The stock has a market capitalization of $59,632.87, a price-to-earnings ratio of 16.77, a P/E/G ratio of 2.21 and a beta of 1.34. Over the course of the previous year FOX has set a 52-week high of $31.94 while the corresponding low set was $24.30.
    Lacking Florida teen discovered secure in NY

    Lacking Florida teen discovered secure in NY

    ABC News reports the Columbia County Sheriff's Office said Rodriguez had family in Canada and possibly Pennsylvania. According to an online roster , published by Next College Student Athlete, Frisina played soccer at the school.
  • Gujarat Elections 2017: Cyclone Ockhi pours cold water on poll campaign

    Gujarat Elections 2017: Cyclone Ockhi pours cold water on poll campaign

    He tweeted to inform that he has spoken to all relevant authorities and officials and that all possible assistance is being provided to those affected.
    Russian Olympic Team Banned From 2018 Games

    Russian Olympic Team Banned From 2018 Games

    Russian President Vladimir Putin has previously said it would be humiliating for Russia to compete without national symbols. Meanwhile, Russian coaches and athletes were vehemently condemning the decision and discussing how it could be appealed.
    TIME 'Person of the Year' Finalists Announced

    TIME 'Person of the Year' Finalists Announced

    This movement prompted millions of women to speak out about sexual assault and sexual harassment that they had experienced. Time also named the Dreamers - young adults whose legal status in the United States was put in limbo this year.


Most liked

Billy Bush Confirms "Yes, Donald Trump, You Really Said That"
Because I was there, and the last 14 months of my life I have been dealing with it", Bush said". Enough's enough ... stop playing around with people's lives".

Kevin Durant comments on his ejection after altercation with DeMarcus Cousins
Curry finished with 31 points, hitting five triples, and 11 assists for the Warriors (19-6), winners of four straight games. The Warriors were given three more technical fouls on Monday in their comeback win over New Orleans.

Google pledges 10000 staff to its YouTube extremist video hunting army
Google ( GOOG , GOOGL ) will have 10K people reviewing and flagging content across its platforms by next year to teach AI how to do the job better.

Mueller subpoenas Deutsche Bank over loans to Trump
All of those loans were taken out in 2012 and will mature in 2023 and 2024, according to the disclosure. The one exception was Deutsche Bank, to which Trump owed $364 million as of the end of a year ago .

Longest-serving USA congressman quits after sex harassment claims
Ian Conyers did not go into detail with the Times on the allegations against his family member, but said he would stand with him. John Conyers - beset with allegations of sexual harassment by former staff members - announced Tuesday that he is retiring.

5-year-old girl killed in Georgia school bus crash
One child has been killed and 22 students have been taken to a hospital after a school bus incident outside of Savannah, Georgia. A 5-year-old girl has been killed after a school bus left the road and crashed into a tree in Georgia.

Sacramento Lobbyist Accuses Sitting Assemblymember of Sexual Assault
Lopez filed a complaint with the Assembly Rules Committee and told her story to an assembly hearing without naming the lawmaker. Tony Mendoza denies wrongdoing. "There are other women who have been sexually harassed by Matt Dababneh", Lopez told reporters.

Barack Obama Has More Twitter Followers Than Trump And He Knows It
Obama was more direct in criticising Trump's threat to leave the 2015 Paris climate accord on slashing global carbon emissions. Barack Obama called for more women to be put in positions of power "because men seem to be having some problems these days ".

Bill O'Reilly sued for defamation by one of his accusers
She said she talked repeatedly to bosses about O'Reilly's actions, but there was no hotline in place at the time of the incidents. Fox News ended its association with O'Reilly in April due to sexual harassment allegations against the TV host and commentator.

Supreme Court leaves in place Texas ruling questioning gay spousal benefits
That led the 14th Court of Appeals to allow the same-sex spousal benefits, under the argument that Obergefell had settled it. Something troubling just happened at the U.S.

Antonio Conte sends message to Chelsea board over contracts for key duo
In that moment you are at the top otherwise you are a great player, but only a great player". He can play as a second striker, he can play as number 10 when we change to 3-4-3.

Here's where to find free cookies and deals on National Cookie Day
At participating locations , each customer will receive a free chocolate chip cookie on National Cookie Day, no purchase required. Insomnia Cookies: Buy anything on Monday and you'll get a free traditional cookie thrown in at participating locations .

Today's Google Doodle Celebrates 50 Years of Kids Coding
Logo is a basic programming language that teaches programming principles in a fun and easy way which makes it flawless for kids. If you are looking right now for a simple introduction to coding suitable look no further than the Google Home page.

Google Is Clamping Down On App Data Collection
Apps can also be submitted for manual review if a developer feels their use of data collection falls within the guidelines. The company did not say whether the new policy of privacy violation warnings will apply to its own software as well.

North Korea: US 'begging' for war with 'largest ever' joint aerial drill
Seoul and Washington agreed in October to enhance the rotational deployments of USA strategic assets to curb North Korea's nuclear and missile threats.