Date for closure of Toys R Us at Lakeside confirmed

Date for closure of Toys R Us at Lakeside confirmed

They will be among 75 Toys R Us and Babies R Us stores across the country which will close this month wit 2,054 employees losing their jobs.

Although the closing dates vary by store, the final day of trading will be Tuesday, April 24.

At the same time, its United Kingdom operation said it would also close its doors after attempts to find a buyer for its 100 retail stores there failed and the firm fell into administration.

"In addition, there are many services provided within the group by different subsidiaries, so if you take over one part, you have to make alternative arrangements or negotiate new terms", Simon Thomas, from administrators Moorfields Advisory in the United Kingdom, said.

Moorfields has been managing the administration of the bust company, after it was unable to pay a 15 million pound tax bill.

In March, Toys R Us said it had filed a motion seeking Bankruptcy Court approval to begin winding down its USA business and liquidate inventory in all 735 of its USA stores. The UK branch went into administration in February, putting 3,000 jobs at risk, with "an orderly wind-down" getting underway after the failure to find a buyer. "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".

Freezing rain possibly on its way to parts of Muskoka
This has the potential to lead to a major ice storm in some areas, with ice accumulations of over 20 millimetres possible. Saturday, April 14, will bring rain or freezing rain as expected with a high of 1 C, Environment Canada says.

Discounts of up to 70% are now available at the remaining stores, with all bikes, auto seats, strollers and action figures now on offer at half-price.

Meanwhile, New Look and Carpetright have both announced plans to shut stores as part of restructuring plans.

USA media is reporting that the chain will sell its 85-percent stake in Toys'R'Us Asia, a joint venture with a Hong Kong partner.

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

Worldwide, Toys R Us had about 60,000 full-time and part-time employees past year.

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