Begin closing the stores from the spring
Just days before Christmas, struggling US retailer Toys R Us has announced plans to close 26 stores in the UK, putting at risk around 800 jobs.
The toy chain, which has been loss-making for several years now, said there will be no disruption for customers shopping through the Christmas and New Year period.
Toys R Us, which currently employs 3,200 in the UK and operates 84 stores, said it aimed to begin closing the UK stores from the spring and it would look to redeploy staff to its smaller, “more interactive” stores.
Steve Knights, managing director of Toys R Us UK, said the company had to take “strong and decisive action” as its largest warehouse-style stores opened in the 1980s and 1990s were “too big and expensive to run in the current retail environment”.
Toys R Us has also said that the firm had instigated a company voluntary arrangement (CVA), which would involve not only comprehensive operational changes but also financial restructuring.