Toys R Us enters administration
3,000 UK jobs at risk at long-running toy retailer, although stores remain open
Administrators have officially begun winding down operations at Toys R Us.
The UK's leading chain of toy stores was put up for sale earlier this month, but is now entering administration after failing to find a buyer, the BBC reports.
Joint administrator Simon Thomas says his team will "make every effort" to continue searching for a buyer, although they may be unable to save the entire business.
"The newer, smaller, more interactive stores in the portfolio have been outperforming the older warehouse-style stores that were opened in the 1980s and 1990s," he said.
Thomas added that while the process of selling part or all of Toys R Us is likely to affect the retailer's 3,000 employees, it remains undecided whether some or all stores will close.
In fact, all 105 Toys R Us stores are currently open and will remain so until further notice.
The American arm of Toys R Us - parent to the UK chain - filed for bankruptcy protection back in September. In January, it was announced 182 US stores would be closed.
Meanwhile in the UK, Toys R Us has been facing a £15 million tax bill - and it has become clear the retailer will be unable to pay it.
The company managed to avoid administration back in December after an agreement with the Pension Protection Fund injected £9.8m into its retirement scheme, but this hasn't been enough to avoid this latest decline.