Toys 'R' Us statement casts doubt on future of Dundee store

Angelica Greene
December 6, 2017

The toy chain said the closures would start in spring next year and that there would be "no disruption for customers" over Christmas and New Year.

The company said there would be no changes over the crucial festive season with the store on Meole Brace Retail Park continuing to trade.

In the new year customers are expected to see at least 24 of the 84 Toys "R" Us stores shut their doors.

Retail analyst Richard Hyman said: 'The vast majority of United Kingdom retailers have too many stores.

The toy retailer is seeking approval from its creditors to implement its restructuring plan that could put hundreds of jobs at risk.

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

Swifties Think Kim Kardashian is Shading Taylor Swift With Her Latest Instagram
Taylor since hit back with " This Is Why We Can't Have Nice Things ", a song in which she alludes to a falling out with a frenemy. It didn't take long for Swifties to flood the 37-year-old's comments' section with emojis of rats and snakes.

U.S. trade deficit rises to $48.7 billion on record imports
On the other hand, the Commerce Department said the value of exports edged down by less than a tenth of a % to USD195.9 billion. Historically speaking, the USA imports more good than it exports, but runs a modest trade surplus for services.

Google-owned YouTube ramps up monitoring of disturbing videos
YouTube is now training its machine-learning technology to tackle other areas including child safety and hate speech. It's unclear how many people are already part of YouTube's review team.

United States toy retailer Toys "R" Us has confirmed plans to close at least 26 of its UK stores resulting in the loss of hundreds of jobs.

The toy retailer, which has been a favourite among British families since the 1980s, is looking to move away from its "big box" out-of-town store model in favour of smaller "more interactive" shops "in the right locations".

'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'.

Managing director Steve Knights said the chain's "warehouse style stores", which it opened in the 1980s and 1990s, had become "too big and expensive to run in the current retail environment". "The business has been lossmaking in recent years and so we need to take strong and decisive action to accelerate the transformation", said United Kingdom managing director Steve Knights in a statement. It is also likely to mean redundancies among its 3,200 workforce, although the business aims to redeploy staff where possible. "Our teams will continue to play a key role in turning our business around".

It hopes creditors will approve the plans over the next 17 days.

The UK arm of Toys R Us is owned by the U.S. company, but run as a separate business.

Other reports by GizPress

Discuss This Article