Toys 'R' Us is set to close around 25 shops in the UK, putting hundreds of jobs at risk.
According to a report by Sky News, the board of the retailer’s UK subsidiary is planning to launch a company voluntary arrangement (CVA), which would require the approval of a 75% majority of the company's creditors. Toys 'R' Us employs around 3,200 people in the UK and the closure of a quarter of its stores would affect at least several hundred jobs.
The retailer’s UK operations are understood to have been loss-making in seven of the last eight financial years. The overhaul follows the filing by Toys 'R' Us's American parent for Chapter 11 bankruptcy protection in September.