Chain Store Age
Toys “R” Us’ U.K. division is “winding down” operations.
Toys “R” Us U.K. has entered into administration, the British
equivalent of Chapter 11 bankruptcy protection. The company has moved
into insolvency following its inability to pay a 15 million-pound ($21
million U.S. dollars) value-added-tax liability that was due this month,
according to Bloomberg.
The decision threatens the survival of 300 stores, and nearly 5,500
workers.. . . more