Toys R Us to close ‘at least’ 26 stores across the UK

Toys-Money
The toys giant makes the announcement after filing for bankruptcy in September.

Around a third of Toys R Us stores across the United Kingdom will shut meaning 800 jobs are at risk following the company’s restructure plans after a bad run-up to Christmas and filing for bankruptcy.

With sales down 10% and profit margins under pressure, Toys R Us’ bankruptcy announcement in September is a result of a $5 billion debt (£3.7 billion) build up.

Other aspects such as the rise of e-commerce and online shopping alongside the rise in competition from the likes of Argos has seen the retail behemoth crash. A number of suppliers also reported stopping their deliveries to Toys R Us ahead of Christmas due to credit insurance issues.

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