Toys R Us is set to close all of its UK stores. As reported by The Guardian, store closures are expected to begin tomorrow, with all 100 locations closing over the coming six weeks. More than 3,000 jobs will be lost.
The move comes after Toys R Us' UK operations entered administration late last month.
"We have made every effort to secure a buyer for all or part of the company's business," said joint administrator Simon Thomas. "This process attracted some interest, but ultimately no party has been able to move forward with a formal bid prior to the expiration of the stated deadline.
"It is therefore with great regret that we have made the difficult decision to make a number of positions redundant at the company's head office in Maidenhead and proceed with a controlled store closure programme. We are grateful for the hard work of Toys R Us staff during this difficult period and will be providing support where we can to those who have been made redundant."
Toys R Us' troubles are by no means limited to its UK branch. The chain's US and Canadian operations filed for bankruptcy protection last year, and last week a report emerged that the company was preparing to liquidate its American business after failing to find a buyer or restructure its debt.
Update 14/03/18: The Wall Street Journal is reporting that Toys R Us told its US-based employees that it plans to sell or close all of its US stores, which could put up to 33,000 people out of work.