Toys R Us, the beleaguered USA toy retailer, is set to close its 100 stores in the United Kingdom, beginning this week, on the back of news that a buyer could not be found to rescue it, according to multiple published reports.
Corporate company Moorfields, who worked on video rental chain Blockbuster five years ago, has been appointed as joint administrators to overlook Toys R Us' insolvency.
The once mighty toy retailer has now been forced to ramp up its closing down sales, spreading them to each of its 106 stores. It was hoped that a buyer would be able to pull the retailer up from the brink of collapse, though a lack of interest in keeping it afloat has seen its fortunes worsen.
Simon Thomas, from Moorfield said: "We have made every effort to secure a buyer for all or part of the Company's business".
Every one of the 100 Toys R Us stores throughout the United Kingdom will be closed causing around 3000 job losses.
Administrators stated that they "remain open to interest from potential buyers for parts of the business", though the future looks grim for the retailer after a buyer was not found prior to its February deadline.
Recent reports indicate the U.S. division of Toys "R" Us could face similar closures and has already shut down stores in two waves.
"It is therefore with great regret that we have made the hard decision to. proceed with a controlled store closure programme", Thomas said.
The chain has also announced it will provide special offers and discounts while the stocks remain high, including a 30% discount on outdoor toys and bicycles.
It's believed around 25 stores will be shut down tomorrow, with the remaining 75 being closed down over the next six weeks.
Toys "R" Us recently responded to those reports, though it didn't confirm or deny them outright.
"It's distressing news for employees of Toys "R" Us and their families, especially because their fates have been uncertain for so long". Download it today and continue to enjoy STV News wherever you are.
Hundreds of Scots workers are facing redundancy after Toys R Us announced the closure of all of its United Kingdom stores.