Saturday, November 26, 2022

Jobs fears in Thurrock as Toys R Us and Maplins go into administration

Toys R Us

TOYS R Us has gone into administration, putting 3,000 UK jobs at risk reports the BBC.

Moorfields has been appointed to begin “an orderly wind-down” of the UK’s biggest toy retailer.

The corporate recovery specialist said that all stores would remain open until further notice.

Joint administrator Simon Thomas said: “Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided.”

The UK arm of Toys R Us – its US owner filed for bankruptcy protection last September – has 105 shops.

Mr Thomas said: “We will make every effort to secure a buyer for all or part of the business.

“The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980s and 1990s.”

Toys R Us managed to stave off administration in December, when it struck an agreement with the Pension Protection Fund (PPF) to inject £9.8m into its retirement scheme over three years.

The tally of job losses may worsen if Maplin, the electronics retailer, also files for administration.

Maplin employs 2,500 workers and has been attempting to find a buyer for the struggling business, but it is understood that talks with a potential suitor have now broken down.

4 COMMENTS

  1. Clearly a result of online shopping which we all have played a part. This is just the beginning of the demise of shops as we know them.

  2. These shops cannot compete with online shopping which usually is a lot cheaper and is crippling these type of shops who have big ground rents to pay.

  3. We must also remember that these stores totally killed off the little independent High Street shops we all loved, now a bigger fish has come along and done the same to them.

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