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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
"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".
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.
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"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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