Closing date for Newbury Park Toys R Us announced


Stevenage's Toys R Us store is to close next Thursday, the embattled retailer's administrators have today confirmed.

When the chain of large toy shops failed in February, Moorfields, the insolvency specialist, began selling off its stock.

Attempts to sell off Toys R Us stores in the United Kingdom were described as hard, with one administrator in the United Kingdom telling the BBC that any potential purchaser would have a tough time sorting things out, including gaining rights to use the Toys R Us name, which is held by the USA parent firm. It was one of the most high-profile retail casualties in the first quarter of the year owing to rising costs, online competition and fragile consumer confidence.

The final Welsh store, at Parc Tawe in Swansea, will close its doors on 22nd April.

Joint administrators Simon Thomas and Arron Kendall of Moorfields Advisory, said: "Following the failure to attract a buyer for the business prior to administration, the Joint Administrators are conducting an orderly wind-down of the company's store portfolio". "We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments".

Toys R Us appointed Moorfields to handle the administration when the company was unable to pay its £15m tax bill.

Further afield, Toys R Us is set to close in Bedford on Saturday, April 21, Milton Keynes and Harlow the next day, and in Luton and Enfield on Monday, April 23.

Electronics retailer Maplin went into administration on the same day, putting a further 2,500 retail jobs in doubt.

The Wall Street Journal reports that bankruptcy lawyer Joshua Sussberg of Kirkland & Ellis told the court that Toys "R" Us has received multiple bids of more than US$1 billion for a majority stake in its Asian business.

Bricks-and-mortar retailers in the United States and the UK, among other countries, have been facing mounting pressure from the continued rise of internet shopping.

Kirkland & Ellis is serving as principal legal counsel to Toys "R" Us, while Alvarez & Marsal acts as restructuring advisor.