Home Breaking Staring at administration? Toys R Us faces £15m VAT bill

Staring at administration? Toys R Us faces £15m VAT bill

16th Feb 18 3:01 pm

Crisis continues for the struggling chain

Britain’s biggest toy retailer Toys R Us could go into administration at the end of the month unless it can find a last-minute rescue deal for its £15m tax bill, according to Sky News.

Bosses at the ailing chain are reportedly looking for investors before the February 27 deadline, failure of which could see the business crash.

According to Sky News, two possible buyers — The Entertainer and Alteri Investors — are understood to have held talks about buying parts of Toys R Us UK, although their ongoing interest was unclear as of today.

Toys R Us’ UK arm had been plunged into crisis last year after its American parent company declared bankcruptcy in the US and Canada.

The children’s retailer has been saved from collapse in the UK before Christmas, after it reached a eleventh hour deal with its largest creditor that has helped the retailer avoid being plunged into administration and the potential loss of 3,200 jobs.

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