MOORFIELDS ADVISORY APPOINTED ADMINISTRATORS OVER TOYS “R” US UK
MOORFIELDS ADVISORY APPOINTED ADMINISTRATORS OVER TOYS ''R'' US UK
- All stores to continue trading until further notice
- Stock to be subject to clearance discounts and other special promotions
- Customers encouraged to redeem gift cards and vouchers as soon as possible
- Administrators to conduct an orderly wind down of the UK business
Simon Thomas and Arron Kendall, partners in Moorfields Advisory Limited, have today, Wednesday 28 February 2018, been appointed as Joint Administrators to Toys ''R'' Us Limited (the ''Company''). Simon Thomas and Arron Kendall have also been appointed as Joint Administrators of Toys ''R'' Us Holdings Limited.
Founded in 1985, Toys R Us is one of the UK's largest toy retailers with over 100 stores nationwide and over 1,500 stores worldwide in 33 countries. In addition, the retailer also trades as ''Babies ''R'' Us'' to provide for all the needs of babies and their parents. The Administration of the Company does not involve or affect the ongoing operations of the global Toys ''R'' Us group outside of the UK. The Company has entered administration following an unsuccessful attempt to sell its business as a going concern.
Although the Company is in administration, all of its stores will continue trading until further notice and much of the stock will be subject to clearance discounts and other special promotions.
Gift cards and vouchers will continue to be honoured whilst the stores continue to trade, but customers are encouraged to redeem such vouchers as soon as possible as stores may be subject to closure without notice. No further gift cards will be sold from today given the current levels of promotional activity.
Deposits paid by customers under Take Time To Pay Agreements towards larger purchases will be honoured provided that the outstanding balance is paid and the goods collected by 11 March 2018. Alternatively, customers can use their deposits towards the cost of any in-store purchases provided that these are also completed by 11 March 2018.
Customers will no longer be able to order goods online or use the ''click and collect'' facility and are therefore encouraged to attend the stores to take advantage of the many discounts that will be introduced. All outstanding ''click and collect'' orders placed online will be fulfilled in the ordinary course of business, subject to the stock continuing to be available.
Following the failure to attract a buyer for the business prior to administration, the Joint Administrators are conducting an orderly wind-down of the Company's store portfolio. In the event that there are any parties interested in acquiring all or part of the business and/or assets of the Company, then they should contact the Joint Administrators as soon as possible for further information.
Simon Thomas, Joint Administrator and Partner at Moorfields, said: ''We will be conducting an orderly wind-down of the store portfolio over the coming weeks. All stores remain open until further notice and stock will be subject to clearance and special promotions. We're encouraging customers to redeem their gift cards and vouchers as soon as possible.
''We will make every effort to secure a buyer for all or part of the business. The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980's and 1990's.
''Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided. We have informed employees about the process this morning and will continue to keep them updated on developments. We are grateful for the commitment and hard work of employees as the business continues to trade
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