Toys R Us prepares to shut stores and cut jobs

Toys R Us is closing 26 stores across the country
Toys R Us is closing 26 stores across the country
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RETAIL giant Toys R Us is planning to cut up to 800 jobs and close at least a third of its UK stores.

The toy company, which filed for bankruptcy protection in the US in September, is working on a company voluntary agreement (CVA) which would allow it to close 26 loss-making stores and cut 500 to 800 jobs.

Toys R Us employs 3,200 people across the UK from its 84 stores and 21 concessions. It has a store in Ocean Park in Burrfields Road, Copnor,

The business said that it will make all efforts to redeploy staff where possible.

Steve Knights, managing director of Toys R Us UK, said the warehouse-style stores have proved ‘too big and expensive to run’, adding that ‘smaller, more interactive stores in the right shopping locations’ are trading well.

Mr Knights said: ‘Like many UK retailers in today’s market environment, we need to transform our business so that we have a platform that can better meet customers’ evolving needs.

‘The decision to propose this CVA was a difficult one, but we determined it is the best path forward to make essential changes to the business,’

The firm said that the closures aren’t expected until spring so there will be no disruption to shoppers over the Christmas and New Year period.

Staff are being briefed on the upcoming changes, and no details of affected stores will be released until this has finished.