Closest Toys R Us branch to Leamington set to close this month
13 April, 2018, 07:31 | Author: Stuart Potter
The closure will result in the loss of 2,000 jobs.
A toy executive who launched a longshot bid to save Toys R Us says he's disappointed other companies didn't join the effort, but he still plans to formally submit a bid for more than 300 stores in the USA and Canada.
The iconic toy chain collapsed in February and insolvency specialist Moorfields has been selling off the retailer's stock at knockdown prices.
Prospective buyers have submitted several bids in excess of $1 billion to Toys R Us for the bankrupt company's majority stake in its Asia business, said a lawyer representing the company. "We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments".
Returns for refunds and gift cards are no longer being accepted by the company.
The Mansfield branch of Toys R Us will close first.
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It decided in March to liquidate its U.S. business and close all 735 stores in the country.
The company had initially saved itself in December by signing a Company Voluntary Arrangement which put debts on hold and gave it time to find a buyer.
Kirkland & Ellis is serving as principal legal counsel to Toys "R" Us, while Alvarez & Marsal acts as restructuring advisor.
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