As the turmoil continues, Toys R Us in the UK is seeking £120 million to avoid liquidation.
The UK arm of Toys R Us is currently up for sale, seeking a buyer to assure the survival of the company. In order to avoid bankruptcy, a £50 million cash injection by the end of the month, with £120 million needed in total to implement a turnaround plan, the Daily Telegraph reports.
Hilco Capital, was said to be considering a bid for Toy R Us, the same company that rescued HMV the point that the media retailer almost went into liquidation. The European iterations of the business are also all up for sale, as the US business also fights for survival. Questions are being asked about loans made from the US business to the UK business, that were written off and may have exacerbated the short term financing problems.
More news will be reported at Brick Fanatics as soon as it becomes available.