Just a month after Toys “R” Us announced that it would be closing a fifth of its stores across the U.S., the toy retailer’s U.K. operations are being hit as well.
The U.K. arm of Toys “R” Us is going into administration — similar to bankruptcy protection in the U.S. — after the retailer failed to find a buyer.
“We will be conducting an orderly wind-down of the store portfolio over the coming weeks,” Simon Thomas, joint administrator and partner at Moorfields, said in a statement. “We will make every effort to secure a buyer for all or part of the business.”
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All 105 of the stores across the U.K. are due to remain open for the time being, but the 3,000 employees are likely at risk.
The bankruptcy announcement comes just months after it backed a restructuring plan to avoid administration. According to the BBC, Toys “R” Us has been facing a £15 million ($20.8 million) tax bill, but is unlikely to be able to pay it off.