Toys "R" Us Closing All UK Stores

Unfortunately, the news is not good for the UK division of Toys "R" Us.

The UK wing of Toys "R" Us recently went into administration, and BBC is reporting that the company hasn't managed to find a buyer for the retailer's 100 UK stores. Twenty Five Toys "R" Us stores have already closed over the past few days, and many others are scheduled to close by Thursday. As for the other 75 stores, they are expected to close within the next six weeks, resulting in a loss of around 3000 jobs.

Administrators Moorfields was appointed to Toys "R" Us last month, as it started to try and find a way to pay the companies' 15 million dollar tax bill. Unfortunately, joint administrator Simon Thomas announced that those efforts had not been successful.

"It is therefore with great regret that we have made the difficult decision to ... proceed with a controlled store closure programme," Thomas said.

Thomas also said that stock at those remaining stores would be discounted even further, and encourages customers to "take advantage of the special offers available in store while stock levels remain high".

Recent reports indicate the US division of Toys "R" Us could face similar closures and has already shut down stores in two waves. The first closed 182 stores (also included Babies "R" Us locations) and the second wave closed down 200 stores. A new report says that the remaining stores could all be closing sooner than later, but none of that is confirmed.

Toys "R" Us recently responded to those reports, though it didn't confirm or deny them outright.

"To our loyal customers: We've seen an amazing outpouring of love and support in recent days and we truly appreciate it. Our stores are open for business, ready to bring joy to children wherever we can, and to help new and expecting parents navigate raising a family."

Representatives from the company attended a bankruptcy hearing on Monday, but nothing has been released thus far as to the status of the company and any upcoming closures. We'll keep you posted on any new details.