Published: Thu, March 15, 2018
Sport | By Gary Shelton

Toys R Us to close all 800 stores in US

Toys R Us to close all 800 stores in US

Every one of the 100 Toys R Us stores throughout the United Kingdom will be closed causing around 3000 job losses.

"Twenty five Toys R Us stores have either closed in recent days or are due to close by tomorrow".

The British arm of Toys "R" Us is the latest retailer to be forced to close or go into administration as changing consumer habits have pushed more purchases online.

The Canadian arm filed for creditor protection in September, a day after the US division filed for bankruptcy.

The chain announced in January it was closing 180 locations, roughly 20 percent of its retail footprint.

"I have always believed that this brand and this business should exist in the U.S.", Brandon said on a conference call with staff, the Wall Street Journal said.

As many as 3000 jobs will be lost unless a deal can be struck to rescue parts of the business.

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The company has struggled to pay down almost $8 billion in debt - much of it dating back to a 2005 leveraged buyout - and has had trouble finding a buyer.

The 70-year-old chain, which filed for bankruptcy protection in September, has more than 700 remaining USA locations, including Babies "R" Us stores. But what that does mean is that the country will soon be littered with giant, vacant, blue and yellow Toys "R" Us superstores to remind us all of the emptiness of consumerism.

Moorfields said in a statement that it made "every effort" to secure a buyer for all or part of the company's business. The retailer filed for bankruptcy in September with big box and online competitors taking over.

Toys R Us is closing all of its stores in the UK.

The company announced its decision on Wednesday after it didn't receive any formal bids from buyers.

The retailer's USA parent company is also suffering in its home market with reports it is preparing for potential liquidation, six months after filing for bankruptcy.

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