Toys 'R' Us preps UK store closures

Toys 'R' Us preps UK store closures

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.

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