Technology

Toys R Us confirms store closures as MPs scrutinise failing chains

Toys R Us confirms store closures as MPs scrutinise failing chains

Toys R Us UK said all its stores would remain open as normal through Christmas and into the new year.

He also pointed to a "significant growth" in online sales and its click-and-collect offering.

It detailed how Toys R Us, which employs 3,200 people, plans to restructure using a process known as a company voluntary arrangement with its creditors.

In an interview with Bloomberg in September, the company's spokesperson, Michael Freitag said, "Like any retailer, decisions about any future store closings - and openings - will continue to be made based on what makes the best sense for the business".

The private equity-owned company has suffered falling like-for-like sales, with analysts saying it has failed to aggressively build up its online business and lost sales to competitors like Amazon.

The British arm of the toy chain, plans to close at least 26 stores and shed up to 800 jobs.

Our newer, smaller, more interactive stores are in the right shopping locations and are trading well.

More news: U.S. trade deficit rises on record imports from China
More news: Altered Carbon premiere date: Meet Netflix's next great show
More news: Man City's Kevin De Bruyne: 'Beating Manchester United will not mean anything'

"Like many United Kingdom retailers in today's market environment, we need to transform our business so that we have a platform that can better meet customers' evolving needs".

Toys R Us on the Meole Brace Retail Park in Shrewsbury.

"The decision to propose this CVA was a hard one, but we determined it is the best path forward to make essential changes to the business".

Larger out of town stores are expected to be hit hardest, with one source stating that the warehouse-style stores that opened in the 1980s and 1990s are too big to operate profitably.

Mr Knights said the closures had been "a hard decision" but said the company needed to take "strong and decisive action" to try and turn around the business.

It hopes creditors will approve the plans over the next 17 days.

Retail analyst Kate Hardcastle, from Insight With Passion, said the challenge facing Toys R Us is a common theme of retailers.


  • San Marcos officer fatally shot while serving arrest warrant

    San Marcos officer fatally shot while serving arrest warrant

    Another officer rushed Copeland to the Central Texas Medical Center in San Marcos, where medical staff worked to save his life. Greg Abbott issued his condolences to the slain cop's family and promised the shooter will receive "swift justice".
    Airlines Are Set to Make Even More Money Off Passengers in 2018

    Airlines Are Set to Make Even More Money Off Passengers in 2018

    Latin America: Airlines in Latin America are forecast to generate a $900 million net profit in 2018, up from $700 million in 2017. A rise in cargo carried to 62.5 million tonnes (up 4.5 per cent on the 59.9 million tonnes in 2017).
    49ers report card: Garoppolo looks like a natural

    49ers report card: Garoppolo looks like a natural

    With the Bears retreating against the speedster, Garoppolo took advantage for short completions ahead of the Chicago defense . And of course, the Bears would waste some of Tarik Cohen's best plays of the season, including this incredible punt return.
  • Billy Bush to Trump: 'Enough's enough'

    Billy Bush to Trump: 'Enough's enough'

    The then-Celebrity Apprentice host said he is "automatically attracted to beautiful women" and starts kissing them. He could have protected anybody and he did famously protect people from being fired from that show.
    Ireland starts collecting back-tax from Apple

    Ireland starts collecting back-tax from Apple

    The unfair advantage resulted in Apple avoiding as much as 13 billion euros in payments over the course of more than a decade. According to the EU, the tax deal allowed Apple to pay nearly nothing in tax on its European profits between 2003 and 2014.
    Director Bryan Singer fired from upcoming Queen biopic

    Director Bryan Singer fired from upcoming Queen biopic

    Singer has also reportedly claimed that he is suffering from post-traumatic stress disorder because of the on set tensions. Bohemian Rhapsody will chart the rise of the British rock band Queen through to their iconic Live Aid performance in 1985.
  • Honor 7X with 4GB RAM launched, available in India from Dec 7

    Honor 7X with 4GB RAM launched, available in India from Dec 7

    Launched in 2013, Chinese company Honor is Finland's number one brand and number 3 in Russian Federation behind Apple and Samsung. Honor 7X will be available in markets around the world starting on December 5th, 2017 for around $200 United States dollars .
    Xiaomi's next flagship will use Qualcomm Snapdragon 845 chip

    Xiaomi's next flagship will use Qualcomm Snapdragon 845 chip

    Both devices will ship with Windows 10S , but ASUS and HP are offering free upgrades to Windows 10 Pro before September 30, 2018. These devices are deigned to be always on like your phone and Asus says the NovaGo will offer more than 30 days of standby time.
    Quotes From Herm Edwards' Bizarre Arizona State Introductory Press Conference, Ranked

    Quotes From Herm Edwards' Bizarre Arizona State Introductory Press Conference, Ranked

    Can't get enough of Campus Sports ? Get daily prep sports headlines from the Gwinnett Daily Post staff delivered to your email. After spending three seasons as San Jose State's defensive backs coach, he took the same position with the Chiefs in 1992.
  • UN Political Chief to Visit N. Korea

    UN Political Chief to Visit N. Korea

    The U.S. apparently signaled approval of Feltman's trip and presumably is keeping an eye out for the North's response. Feltman is now in Beijing reinforcing contacts with Chinese authorities.
    Destiny 2 Xbox One X Enhancement Update Live

    Destiny 2 Xbox One X Enhancement Update Live

    Curse of Osiris continues your Guardian's journey with all-new story missions and adventures set in a new destination, Mercury. You can read the full patch notes on Bungie's website , but there are several additions and changes worth highlighting.
    Fatal stabbing followed by hit-and-run in Queens

    Fatal stabbing followed by hit-and-run in Queens

    According to police, the whole incident was triggered by a parking dispute in front of the XX Hookah Lounge. The detained person has not been charged, and police are in search of the driver of the auto .