Dec 4, 2017
Toys R Us prepares to close at least 25% of UK stores
Toys R Us will close at least a quarter of its UK stores starting early next year, the struggling children's retailer said. The British arm of the toy chain, which filed for bankruptcy protection in the US and Canada in September, said it planned to close at least 26 stores out of 105 and cut hundreds of jobs as a result of a proposed restructuring deal to be agreed with its creditors. Toys R Us UK said on Monday it had "Submitted a comprehensive operational and financial restructuring plan" to its creditors for approval over the next 17 days under insolvency rules which aim to stop companies falling into administration. The turnround plan for the UK business would see the group shift from "Warehouse style" stores opened in the 1980s and 1990s to "Newer, smaller, more interactive stores", Toys R Us said. By shuttering stores the plan would "Substantially reduce the UK company's rental obligations" but also made job losses from its total of 3,200 staff likely.
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