Published On: Mon, Jun 24th, 2019

Toys ‘R’ Us ‘comeback in time for Christmas with 12 stores to reopen – but not in UK’ | City & Business | Finance

Share This

Tru Kids, the brand behind Toys ‘R’ Us, will unveil plans to reopen 12 stores from the iconic toy chain – but in the United States, according to Bloomberg. Richard Barry, former executive of the retailer, will pitch plans for the resurgence, which he wants to take place by the end of the year, at an industry conference this week, the report goes on to claim. The last Toys ‘R’ Us shops in the UK closed in April 2018, resulting in the loss of 3,000 jobs, after the struggling retailer collapsed when attempts to find a buyer failed. It is unclear if any UK stores will reopen, but has contacted Tru Kids for clarification.

A spokesperson for Tru Kids told Bloomberg the company will not be making any public announcement at this stage.

The report suggests the new stores will be smaller than the original ones loved by kids across the country.

At plans for each site to be 10,000-square-feet, this will be roughly a third of the size of the classic stores.

But parents will be pleased to know each store will feature play areas for children to keep them entertained while they shop.

Toys ‘R’ Us appointed Moorfields to handle the administration process in February 2018 when the company was unable to pay a £15million tax bill.

After failing to find a buyer for the business, Moorfields shut down all 106 stores.

They then immediately made 67 staff at the chain’s Maidenhead head office redundant.

The company went bust in the US in 2017, around 70 years after it first launched.

Toys ‘R’ Us was one of the most high-profile retail casualties in the first quarter of the year as high street retailers battle against soaring costs and the rise of online shopping.

Several high-profile brands have announced plans to close down stores across the UK high street this year.

Arcadia Group will lose several branches of Topshop, Dorothy Perkins, Burton, Miss Selfridge and Evans this year as part of a rescue deal to keep the business open.

Debenhams and Marks and Spencer have also announced store closures.

Source link

About the Author