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Toys 'R' Us to close at least 26 UK stores

Discussion in 'Retail' started by Jenilee, Dec 6, 2017.

  1. Jenilee

    Jenilee

    Joined:
    Aug 24, 2010
    Messages:
    4,493
    Toys ‘R’ Us, has confirmed that they will be closing 26 of their UK stores. But the closure will happen after the holidays. As a result, almost 800 of their workers will be losing their jobs.

    Steve Knights, the managing director of Toys R Us UK, said the company had to take “strong and decisive action” as its largest warehouse-style stores opened in the 1980s and 1990s were “too big and expensive to run in the current retail environment”.

    Toys R Us will be instigating a a Company Voluntary Arrangement (CVA) where they will seek creditor’s approval to shut outlets in order to save costs.

    In September, Toys ‘R’ Us parent company filed for bankruptcy protection in the US after running up $5bn (£3.7bn) of debts, and it’s UK unit has also been facing the same problem. Toy shoppers now favor shopping online not to mention competition with supermarkets and the likes of Argos

    You can find the list of store they're planning to close here.

    Source: https://www.theguardian.com/business/2017/dec/04/toys-r-us-close-uk-stores
  2. Import Expert

    Import Expert

    Joined:
    Oct 6, 2011
    Messages:
    3,331
    A huge shame for the employees that will lose their jobs. They haven't moved with the times as a company. I have a huge store near me (Ipswich), but inside its very aged with staff that don't exactly sell the business to you as a customer. The prices are not exactly spectacular either (You can usually fine cheaper online)
  3. Cody

    Cody

    Joined:
    Feb 17, 2016
    Messages:
    1,223
    Totally agree here with @Import Expert. They just haven't caught up with the times really. Everyone is moving to online, where Toy's r us just hasn't. hey've missed out on this a long time ago that I feel if they try to incorporate this into their strategy now, it wouldn't work. There's too much competition now, and as you said, you can find cheaper products online.
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