Dec 21, 2017
Toys R Us faces crunch vote over UK rescue plan
Toys R Us's future in the UK is hanging in the balance ahead of a key vote by creditors later on Thursday over whether to back the firm's rescue plan. The Pension Protection Fund - which wants the toy retailer to put £9m into its struggling pension fund - has said it will vote against the plan. Reports suggest Toys R Us has put forward new proposals to try to reach a last-minute deal with the PPF. The PPF - whose duty is to pensioners and not the company - wants money upfront to secure funding for Toys R Us's staff pension scheme, which has a deficit of more than £25m. Toys R Us, which has 100 stores and outlets in the UK, has put forward a company voluntary arrangement, which is a step short of going into administration. Under its CVA plans, Toys R Us is proposing to close at least 26 loss-making UK stores, a move that would put up to 800 jobs at risk and mean rent cuts for landlords. Earlier this week, Toys R Us had reassured shoppers seeking last-minute presents by saying: "There will be no disruption for customers shopping through the Christmas and New Year period."
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