Scots jobs at risk as Toys R Us goes into administration

03 March, 2018, 03:27 | Author: Elaine Woods
  • 5300 jobs at risk as two big UK retailers collapse

A spate of store closures in the US combined with tough trading conditions have forced administrators to put the United Kingdom arm of the retail chain into creditor protection.

But many Toys "R" Us staff were likely to be affected, he added.

Maplin has annual turnover of £235.8m and employs 2,335 people across 217 stores in the United Kingdom and Ireland.

He said in a statement that the company struggled "to mitigate a combination of impacts from [a currency] devaluation post-Brexit, a weak consumer environment and the withdrawal of credit insurance".

Founded in 1985, Toys R Us has entered administration following an unsuccessful attempt to sell its business as a going concern.

Some stores may be subject to closure in the coming days, and customers have been encouraged to take advantage of the heavy discounting as soon as possible.

The collapse into administration is thought to put 3,000 jobs at risk at Toys R Us.

An administrator for Maplin, Zelf Hussain, said United Kingdom trading conditions had proven hard but business would continue.

The chain has 217 stores and is continuing to trade normally as efforts continue to find a potential buyer.

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"The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores", Thomas said.

In September, the firm's American parent company filed for bankruptcy protection in the U.S. and Canada after running up debts of $5bn (£3.6bn) and struggling to compete online. GlobalData found that "the rise of multichannel player Smyths caused even more damage than Amazon".

Both companies have operations and staff locally, with Dundee's Kingsway West Retail Park set to be particularly badly impacted as the pair operate from store units within the same shopping arcade.

Toys R Us has already discussed the future of the firm's direct benefit pension scheme with the government's rescue service, the Pension Protection Fund.

'If you have recently bought anything from Toys R Us, you may not be able to claim a refund or exchange the item if they cease trading.

Toys'R'Us filed for Chapter 11 bankruptcy protection in a USA court in September, which gives companies temporary protection from creditors while they try to renegotiate their debts and reorganise to continue operations.

Administrators were appointed Wednesday to run both businesses after executives failed to find buyers.

The cost of operating the group's out-of-town stores, opened in the 1980s and 1990s, has become prohibitive in recent times.

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