Over 3,000 British jobs facing the axe as Toys R Us UK put up for sale
News follows closure of 182 American locations last month
Beleaguered retail chain Toys R Us could be about to axe over 3,000 British jobs after the American parent group put the loss-making UK business up for sale, along with its European stores.
Toys R Us filed for bankruptcy protection in September 2017 but thousands of British jobs at the company were saved following a deal led by the Pension Protection Fund which saw 26 stores close.
As reported by The Guardian, a slow start to 2018 for the UK arm of the business was exacerbated by a disappointing performance from the US, where toy giants Hasbro and Mattel struggled through a tough Christmas trading period.
In January, Toys R Us announced that it was closing 182 US stores, approximately 21% of its brick-and-mortar locations in the region, an "overwhelming majority" of which were showing negative sales trends.
Restructuring firm Hilco, which bought HMV out of administration in 2013, is reportedly among the group of bidders considering a deal.
Toys R Us has been in a loss-making spiral for seven out of the last eight years, most recently posting an operating loss of £500,000 on sales of £418 million in the year to January.