1. ITV Report

Toys R Us to close all of its stores within six weeks leading to 3,000 job losses

Toys R Us becomes the latest company to collapse in 2018 following electronics specialists Maplin. Credit: PA

Toys R Us will be closing all of their stores within six weeks after the stricken company failed to find a buyer.

100 stores will be closed overall resulting in the loss of 3,000 jobs.

Consumer editor Chris Choi says staff have received a memo explaining that no one is willing to buy the business.

The process will begin with the closure of at least 26 loss-making stores earmarked last year when Toys R Us attempted to restructure before eventually collapsing.

ITV News understands a reported 67 people have been made redundant at the group’s head office in Maidenhead; with more than 500 members of staff also set for redundancy on Thursday.

An official announcement is expected later on Wednesday.

The retail sector has had a shaky start to 2018 with Toys R Us and Maplin collapsing; and the restructuring of high-street stalwarts like New Look and restaurants such as Byron and Prezzo.