Economy

Closing date for Portsmouth's Toys R Us store revealed

Closing date for Portsmouth's Toys R Us store revealed”

Administrators Moorfields announced on Thursday the Victoria Centre store will close for good on Friday, April 20.

"I am very disappointed with the result, but we no longer have the financial support to continue the company's USA operations", Dave Brandon, chairman and CEO of Toys R Us, said in a statement at the time.

Toys "R" Us, once the largest U.S. toy retailer, abandoned last month a plan to emerge from U.S. Chapter 11 as a slimmer, reorganized company after a dismal holiday sales season.

The Toys R Us in Cardiff Bay has already shut while the Cardiff Queen Street branch will close on 19th April.

"We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments".

'Extended discounts of up to 70 per cent are in place from today and offers are available on some of our best-known brands'. Industry executives and specialists have warned that many small vendors could go bankrupt themselves due to the disappearance of Toys "R" Us and Babies "R" Us in the United States.

It also said it is pursuing a reorganization and sale process for its Canadian and global operations in Asia and central Europe, including Germany, Austria and Switzerland.

Many retailers have also struggled to keep up with the rise of online retailing and a change in shopping habits.



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