Following the closure of Toys R Us in the USA, the UK and elsewhere around the world, the Australian arm of the chain will also be closing.
After efforts to rescue 700 jobs and avoid the closure of the 44 stores in the country failed, Toys R Us Australia will be closing in the next few weeks. Two weeks after the toy giant and LEGO stockist collapsed in the USA, administrators were appointed to wind down the Australian chain. It was hoped that the Asian business could have been emerged with the Australian business and sold.
“Despite productive discussions with a number of interested parties, all of the parties have now advised the administrators they have withdrawn from the sale process,” administrator McGrathNicol told the Sydney Morning Herald. “Therefore a going-concern sale will not be achieved and the business will now be wound down.”
All stores will close, as will the head office. Inventory will be liquidated through stores, with online ordering to close on Friday. According to the article, staff will be paid for outstanding leave.
The news follows the closure of Toys R Us in the USA and UK, while the chain continues to operate in some countries elsewhere in Europe.