With no buyer forthcoming, all of the UK based Toys R Us stores are expected to close in the next six weeks.
Following the chain’s fall into administration, no buyer has been found for the UK arm of Toys R Us, so all stores are now expected to close. The BBC reports that the shops will close within the next six weeks.
The story of the chain’s demise has been years in the making, but over the past six months the situation rapidly declined. Despite coming up with a rescue package that involved closing a quarter of the chain’s UK stores, Toys R Us did not trade well enough over Christmas to meet VAT obligations, falling into administration last week. Over 3,000 jobs will be lost when the retailer closes.
With some stores already closed after clearing through stock, those still open have increased the level of discount on construction toys, including LEGO sets. Stores are now giving a 15% discount on the lowest marked price, so there may be some reasonable deals to be had. Other categories have discounts of up to 30%.
The future of Toys R Us in the USA is also in doubt, with the company likely to go into liquidation and see a large number of stores closed.