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

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

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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.

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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.

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