All Toys 'R' Us shops to shut in Britain

Toys R Us to shut all stores leaving 3,000 jobs lost

The toy retailer, which is owned by a consortium of private equity firms, had been searching for a buyer for its United Kingdom business for several weeks before formally appointing administrators last month.

Simon Thomas, joint administrator, said Moorfields' had negotiated with 120 different parties, a lot of them interested in buying up stock, and half a dozen looking at the whole business.

Toys R Us previously stated that all purchased gift cards would be honored until Sunday, March 11, and the retailer has stood by this statement.

Simon Thomas, joint administrator and advisor at Moorfields, the company Toys "R" Us hired to find a buyer, said the retailer attracted some interest, but that nobody felt confident enough to make a formal bid.

A whopping 105 shops will close over the next six weeks, with over 3,000 jobs lost as a result.

Simon Thomas, joint administrator, said: "It is therefore with great regret that we have made the hard decision to ... proceed with a controlled store closure programme".

Moorfields said at the time of the chain's collapse that it is making "every effort" to secure a buyer for all or part of the business.

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Other companies that have run into difficulties lately include Maplins, New Look, Jamie Oliver, Byron and Prezzo.

Many have been hit by changes in consumer spending habits, a squeeze on disposable income, higher inflation and the national living wage, and the prospect next month of increases in business rates.

'We're extending the nationwide discounting programme and would like to encourage customers to take advantage of the special offers available in store while stock levels remain high'.

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.

"It's distressing news for employees of Toys 'R" Us and their families, especially because their fates have been uncertain for so long.

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