Thousands of Jobs at risk - Toys R Us Going into Administration

PA Wire  PA Images                   Toys'R Us also collapsed on Wednesday putting 3,200 jobs at risk

The British toys retail chain had been searching for a buyer for several weeks before formally appointing administrators on Wednesday.

Toys "R" Us has collapsed into administration putting 3,200 jobs at risk, including staff at five stores in South Yorkshire.

As heavy snow batters the country, it's been a chilling morning for the high street: the United Kingdom division of toy retailer Toys R Us went into administration today, threatening 3,000 jobs in Britain. The failure of the United Kingdom unit comes as its parent company's fate has come into question while Toys R Us tries to restructure in Chapter 11.

Meanwhile, electronics company Maplin fell into administration after talks with potential buyers fell through.

On March 2, 2018, Moorfields Advisory, the firm in charge of the closure of the retail chain, confirmed it was commencing a nationwide closing down sale at all stores.

Hannah Maundrell, Editor in Chief of money.co.uk, said: "Sadly high street retailers are having a hard time at the moment and Maplin is the latest victim".

He added that the retailer has been struggling to mitigate the impact of the pound's devaluation post the Brexit vote, a weak consumer environment and the withdrawal of credit insurance.

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Thakkar of PPFAS MF said the drawdown reference was more in relation to the leverage that people undertake while acquiring stocks. His latest newsletter reports that Berkshire's net earnings a year ago rose from US$24.07 billion to US$44.94 billion.

Julie Palmer, Regional Managing Partner at corporate recovery service Begbies Traynor, has commented:"Whilst the administration of Toys R Us was prompted by a £15m Value-Added Tax bill due today, this was simply the straw that broke the camel's back in a saga that has played out over recent weeks".

Toys R Us has been struggling since September 2017 when its United States owner filed for bankruptcy protection and managed to avoid administration.

"All stores remain open until further notice and stock will be subject to clearance and special promotions", said Simon Thomas, a partner at Moorfields.

The firm explained that there is "an order of priority regarding who ranks above who when a company goes into liquidation", and "trade creditors would be below secured creditors such as banks and the company's employees".

United Kingdom retailers are struggling to cope with competition from online and the inflationary impact of a weaker pound since the United Kingdom voted to leave the European Union in 2016.

Gift Cards They are continuing to accept and redeem Gift Cards for purchases made, but please note that they will not be issuing Gift Cards. "The government must urgently meet with both the unions and the companies to ensure that these jobs are safeguarded", said party spokesperson Rebecca Long-Bailey.

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