It was announced today that Toys R Us UK has gone into administration, with reports now confirming that stock will be cleared before stores close down.
Toys R Us in the UK went into administration today, after talks with potential buyers for the company broke down. It has now been revealed by Toy World, an industry publication, that there will be discounts and promotions to clear the stock before the stores close.
The article also confirms that those holding Toys R Us gift cards still have the opportunity to use them:
Gift cards and vouchers will continue to be honoured whilst the stores continue to trade, but customers are encouraged to redeem such vouchers as soon as possible as stores may be subject to closure without notice. No further gift cards will be sold from today given the current levels of promotional activity.
Deposits paid by customers under Take Time To Pay Agreements towards larger purchases will be honoured provided that the outstanding balance is paid and the goods collected by 11th March. Alternatively, customers can use their deposits towards the cost of any in-store purchases provided that these are also completed by 11th March.
Although physical stores remain open, the Toys R Us UK website is no longer accepting orders. Some locations may be saved during the administration process, according to joint administrator Simon Thomas:
Simon continued: “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. We have informed employees about the process this morning and will continue to keep them updated on developments. We are grateful for the commitment and hard work of employees as the business continues to trade.”
Sales will start at selected Toy R Us stores within the next few days.