Toys "R" Us enters administration in the UK

Toys R Us appears to have failed to find a buyer despite weeks of trying

Toys R Us UK and Maplin both went into administration this morning, putting thousands of jobs at risk.

Talks with potential buyers ended in failure which lead to the collapse.

Administrator Moorfields Advisory said it had begun an "orderly wind-down" of the ToysRUs estate, which extends to more than 100 stores in the United Kingdom and 1,500 in 33 countries across the globe.

Maplin, which was founded in 1972, will continue to trade during the administration process, the company's CEO Graham Harris said. Mothercare, which sells maternity and baby products, saw its shares plunge 10% in London trading.

Toys R Us was founded in the United Kingdom in 1985 with the opening of five stores and grew rapidly, specialising in huge out-of-town toy warehouse sites.

The UK branch's collapse comes after its U.S. parent company filed for bankruptcy past year.

Toys R Us UK operates a store at Chesterfield's Spire Walk Retail Park.

Unfortunately Toys R Us has confirmed that it will no longer be accepting refunds or returns, however, it will be processing exchanges for those with proof of purchase.

It's unclear how many stores or jobs, if any, will be saved.

Moorfields Advisory has been appointed administrators to Toys R Us.

"In both cases the Amazon effect is all too clear to see, but there is more to it than that - there are retailers out there who are adapting and prospering", said Neil Wilson, senior market analyst at ETX Capital.

"The government must also urgently address problems across the retail sector".

She said this is "evidenced this week by Maplin seeking a rescue deal, Jones Bootmaker shedding stores via a pre-pack administration and a number of major chains reported to be looking at restructuring options". PwC is in charge of winding down the business and trying to find a buyer.

"The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit, a weak consumer environment and the withdrawal of credit insurance".

Consumers in the United Kingdom have been squeezed by a spike in inflation, driven by the weaker pound since the Brexit referendum, and stagnant wages.

But with poor sales continuing into the new year and the Value-Added Tax bill looming, the only route left for the firm to continue trading was to find a buyer which is now understood to be unlikely.

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