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Toys R Us Fall into Administration

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Local News | Toys R Us Fall into Administration | Andover & VillagesOver 3,000 jobs are at risk as Toys R Us announce they have entered the administration process.

Andover does not have its own store, however the nearby Basingstoke and Southampton stores are popular with local shoppers.

The toy giant has been attempting to find a buyer over the last few months, but failed. With a £15m vat bill to pay, the company had no option but to give in to defeat.

Moorfields has been appointed administrator, partner Simon Thomas told Sky News, "We will be conducting an orderly wind-down of the store portfolio over the coming weeks.

"All stores remain open until further notice and stock will be subject to clearance and special promotions.

"We're encouraging customers to redeem their gift cards and vouchers as soon as possible.

"We will make every effort to secure a buyer for all or part of the business."

He added: "Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided.

Toys R Us sales have struggled worldwide and it has been loss-making in the UK for years "We have informed employees about the process this morning and will continue to keep them updated on developments.

"We are grateful for the commitment and hard work of employees as the business continues to trade."

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