Stevenage’s Toys R Us store under threat as firm goes into administration
- Credit: Archant
Stevenage’s Toys R Us store could close after the company announced this morning it had gone into administration.
The iconic toy retailer has a store on the Roaring Meg Retail Park off London Road.
Corporate recovery firm Moorfields Advisory Limited has been appointed to begin “an orderly wind-down” of the UK’s biggest toy retailer after an attempt to sell the British branch of the business as a going concern was unsuccessful.
It is not yet clear if any of the UK’s 105 stores will have to close. A spokesman for Moorfields said all will remain open for the time being, with clearance sales and promotions expected to begin quickly.
Founded in 1985, Toys R Us is one of the UK’s largest toy retailers. It also trades as Babies R Us to provide for the needs of babies and their parents.
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The firm says gift cards and vouchers will continue to be honoured while the stores continue to trade, but customers are encouraged to redeem them as soon as possible as stores may be subject to closure without notice.
No further gift cards will be sold from today, given the current levels of promotional activity.
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Customers will no longer be able to order goods online or use the ‘click and collect’ facility, and are encouraged to attend the stores to take advantage of the many discounts that will be introduced.
All outstanding ‘click and collect’ orders placed online will be fulfilled, subject to stock continuing to be available.
Simon Thomas, joint administrator and partner at Moorfields, said: ““We will make every effort to secure a buyer for all or part of the business.
“The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980s and 1990s.
“While this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided.
“We have informed employees about the process this morning and will continue to keep them updated on developments. We are grateful for the commitment and hard work of employees as the business continues to trade.”