Toys R Us is looking to close nearly a quarter of its UK stores which will place hundreds of jobs at risk. According to Sky News, Toys R Us’ UK arm is set to propose the closure of 25 of its 105 UK stores, this will put hundreds of its 3200-strong UK workforce at risk of redundancy.
For the closures to go ahead, 75% of Toys R Us’ creditors would have to give the green light. If the action were to be approved, the affected stores would still stay open through the Christmas trading period.
The proposed closures come after its US counterpart filed for bankruptcy in September, having amassed £3.6 billion in debt.
It is understood that specialist corporate insolvency advisors Alvarez & Marsal would be brought in to handle the process.
