Toys R Us Asia deal will be far from child's play

Toys 'R' Us Receives Multiple Bids of Over $1 Billion for Asian Business

A spokeswoman at Toys R Us Japan headquarters in Kawasaki confirmed Thursday that Toys R Us Asia Ltd., its parent, is in talks with multiple entities to sell most of its holdings in Asia.

Administrators Simon Thomas and Arron Kendall, of Moorfields Advisory Ltd, said all 2,054 employees across the country had been informed and would be paid up to and including their last day of employment.

The retail sector has had a dismal start to 2018, with the collapse of Toys R Us and Maplin and a host of firms undergoing painful restructurings, including New Look and eateries run by celebrity chef Jamie Oliver, as well as Byron and Prezzo.

Mr Thomas said: "We are grateful for the hard work of everybody at Toys R Us' during this extremely difficult and challenging time".

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Toys R Us has proven beyond saving despite efforts being made over the past six months to keep the chain going.

The UK division of the company collapsed into administration in February and has large stores at Riverside Retail Park in Nottingham and St Peter's Retail Park, Mansfield, plus a shop in the Victoria Centre in Nottingham. The store at Brent Cross in north London is to close on Tuesday, April 24.

The Norwich store is closing the following day, April 24.

Stores are now offering discounts of up to 70 per cent on remaining products.