Administrators Moorfields were appointed to wind down the retaileron Feb 28 but it has failed to attract a buyer for its 100 UK stores.
Toys R Us has already recently closed or is due to shut 25 of its shops by Thursday, as part of the proposals put forward in the company’s company voluntary arrangement, which was approved in December 2017.
The administrators said they “remain open to interest from potential buyers for parts of the business, but it has been necessary to make a total of 67 redundancies at the company’s head office in Maidenhead earlier today”.
Moorfields added that the remaining 75 Toys R Us and Babies R Us UK stores would remain open until further notice.
The retailer’s collapse, just weeks after apparently agreeing a rescue deal, put 3,000 jobs at risk. In early March, the company slashed its prices as it launched closing-down sales across its shops. Those sales were extended on Tuesday and products are being offered at discounts of as much as 30pc.
Simon Thomas, joint administrator, said: “This process attracted some interest, but ultimately no party has been able to move forward with a formal bid prior to the expiration of the stated deadline.”
Toys R Us had been close to collapse at the end of last year but managed to secure a last-minute deal to put more money into its pension fund to avoid administration and secured approval for a restructuring plan.
However the company was then hit with a £15m tax bill in the UK, and needed a £50m injection to pay off lenders that provided financing to its US parent company.
Management had blamed increasing rent bills from its large warehouse-style stores as contributing to its collapse, while competition from online retailers and falling footfall put pressure on its profits.
Article Appeared @https://www.telegraph.co.uk/business/2018/03/14/toys-r-us-stores-expected-close-next-six-weeks-failed-sale-talks/