tiptrot.com March 21, 2018

United Kingdom retailers Toys R Us and Maplin go into administration

03 March 2018, 03:24 | Cedric Leonard

Toys R Us UK and Maplin enter into administration after failing to secure buyers

5300 jobs at risk as two big UK retailers collapse

"We will now work tirelessly alongside Zelf Hussain, Toby Underwood and Ian Green, from PWC, who has been appointed as the as Joint Administrators of Maplin Electronics Limited, to achieve the best possible outcome for all of our colleagues and stakeholders".

Toys "R" Us is going into administration and 105 stores are at risk of closing down across the United Kingdom, it has been reported.

Maplin was founded in 1972 and has more than 200 stores and 2,500 staff.

Thomas said in the statement that administrators will "make every effort to secure a buyer for all or part of the business".

Toys "R" Us operates more than 100 stores in Britain and also trades as Babies R Us.

Toys R Us is likely to go into administration as the talks with buyer have failed.

And they have urged any business interested in buying all or part of the company or its assets to contact them "as soon as possible".

More than 5,500 jobs are at risk as two former high street giants - Toys R Us and Maplin - face closure.

The electronics chain has 2,500 United Kingdom staff across 200 stores, which will remain open for the time being. "We are grateful for their commitment as the business continues to trade".

Kirkland also acted for Toys R U.S. on the Chapter 11 bankruptcy of its U.S. business a year ago.

Following the failure of Britain's biggest toy retailer to find a buyer, administrators have been appointed for the company, which now has 105 stores in the United Kingdom.

The writing has been on the wall for some months for Toys R Us.

The lead-up to today's news is a £15 million ($20.8 million) Value-Added Tax bill that the retailer is unlikely to be able to pay off due to poor sales.

Toys R Us has struggled with cash flow pressures after sales were squeezed by worse-than-expected trading over the crucial Christmas period.

As of late past year, Toys'R'Us in the United Kingdom employed more than 3,000 staff across more than 100 mostly warehouse-style stores.

Businesses and governments invest a lot of money in keeping up with - or ahead of - the times.

"While the narrative about the sad demise of Toys'R'Us focuses on how it was killed by the Internet, data shows that the rise of multichannel player Smyths caused even more damage than Amazon", said Patrick O'Brien, retail research director at consultancy GlobalData.

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