Toys R Us to close 26 stores next year

Toy retailer Toys R Us has revealed that 26 of its stores are proposed to close next spring. Last week, Toys R Us UK proposed a Company Voluntary Arrangement (CVA) in an effort to reorganise its finances and prevent falling into full blown collapse.

The list reveals the details that 26 stores which will close entirely, alongside stores which it hopes to secure a reduction in rent and a reduction in store size. Earlier this week head of the Work and Pensions Committee Frank Field penned a letter to the retailer questioning moves that could have led to its current situation.

In January it waived £584.5 million in loans it was owed, despite making a loss of £673.3 million.

The pension’s deficit for this period also rose to £18.4 million, from £10.3 million a year prior.

The retailer has highlighted these 26 stores as Category 5 leases, meaning they are financially unviable and are due to shut should the CVA be approved:

·        Aberdeen

·        Basingstoke

·        Belfast, Newtownabbey

·        Birmingham, St Andrews

·        Bolton

·        Bradford

·        Brislington

·        Cambridge

·        Cardiff

·        Derry City

·        Doncaster

·        East Kilbride

·        Exeter

·        Hayes

·        Kirkcaldy

·        Leicester

·        Livingston

·        Old Kent Road

·        Plymouth

·        Scunthorpe

·        Shrewsbury

·        Tamworth

·        Tunbridge Wells

·        Watford

·        York

·        Manchester, Central Retail Park