Toys R Us UK to close stores in restructuring

Sale signs outside a Toys R Us store in Basingstoke, Hampshire, as the company has put forward plans to close at least 26 U.K. stores, putting up to 800 jobs at risk.

Andrew Matthews | PA Images via Getty Images

Sale signs outside a Toys R Us store in Basingstoke, Hampshire, as the company has put forward plans to close at least 26 U.K. stores, putting up to 800 jobs at risk.

Toys R Us U.K. is usually to seek creditor approval for a restructuring plan involving closing at least 26 of its 105 stores in Britain in 2018, This particular said on Monday.

The British arm of Toys R Us Inc of the United States, which filed for bankruptcy in September, said This particular had submitted a Company Voluntary Arrangement (CVA) plan to its creditors as well as would likely seek their approval inside next 17 days.

Toys R Us U.K. said which if approved by the creditors the CVA plan would likely substantially reduce its rental obligations as well as allow the business to move to a brand new, viable business design.

The firm said This particular anticipated redundancies among its workforce of 3,0 nevertheless did not give a specific number.

Toys R Us U.K. said all its stores would likely remain open as normal through Christmas as well as into the brand new year.

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