Toys R Us confirms plans to shut Shrewsbury store

Powdair was set up to specialise in flights to ski resorts

He also pointed to a "significant growth" in online sales and its click-and-collect offering.

While at the time, the firm insisted that its United Kingdom stores were safe, the company is preparing to launch a company voluntary agreement (CVA) on 21 December to renegotiate its debts with its landlords, which will require the approval of 75% of its creditors.

It comes just months after the US-based retailer filed for bankruptcy. The company employs 3,200 people in the UK.

The private equity-owned company has suffered falling like-for-like sales, with analysts saying it has failed to aggressively build up its online business and lost sales to competitors like Amazon.

Toys R Us spokespeople were keen to emphasises that trading will continue throughout the Christmas period.

Toys R US UK said the plans would see it close 26 stores out of its 105-strong UK chain with hundreds of job losses.

Steve Knights, managing director of Toys R Us UK, said the stores are "too big and expensive to run in the current retail environment".


In a statement released today, the company said that it plans to revamp its business in response to "evolving needs of customers in today's United Kingdom retail market".

'The decision to propose this CVA was a hard one, but we (are) determined it is the best path forward to make essential changes to the business'.

"Like many United Kingdom 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.

Accounts for the year to January show a turnover of £418million, on which it made an operating loss of £0.5million.

The restructuring plan relies on gaining creditor approval over the next 17 days, with a vote scheduled for December 21.

Alvarez & Marsal is restructuring advisor for Toys R Us, while Kirkland & Ellis is principal legal counsel.

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