Toys R Us will be closing all of their stores within six weeks after the stricken company failed to find a buyer.Read the full story ›
A deal with the company's main creditor allows the beleaguered toy retailer to stay afloat and has secured about 2,500 jobs.Read the full story ›
- Video report by ITV News Consumer Editor Chris Choi
The future of Toys R Us in the UK remains uncertain, with 3,200 jobs hanging in the balance after the pension lifeboat said it will not back the retailer's rescue plans unless it agrees to pay £9 million into its pension fund.
The Pension Protection Fund (PPF) has said it intends to vote against restructuring plans put forward by Toys R Us on Thursday - a move that could plunge the embattled chain into administration.
In 2016, Toys R Us lost £673 million before tax.
Under its restructuring plans, the retailer is seeking to renegotiate leases and close 26 shops, putting 800 jobs at risk.
The PPF is demanding that Toys R Us makes the £9 million payment to secure three years' worth of funding upfront for its defined salary staff pension scheme, which has a shortfall of between £25 million and £30 million.
But it is believed Toys R Us does not have enough cash to meet the PPF demands, yet it is thought that senior executives in the US are to to get multi-million dollar bonuses, leading to some to question the restructuring plans.
If the PPF does not back Toys R Us' plans, the organisation set up to protect pension holders could end up jeopardising the jobs of existing workers, triggering more uncertainty for employers.
The firm said a transformation plan is needed to "meet the evolving needs of customers in today's UK retail market".Read the full story ›
Toys R Us has urged parents to return the Wiggle Ball after it was found that plastic parts could detach and choke a young child.Read the full story ›