Maplin and Toys R Us set to go bust today
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Maplin and Toys R Us are reportedly facing collapse today (28 February) after failing to secure buyers.
Maplin employs 2,500 staff across its 200 stores in the UK, while Toys R Us employs 3000 staff in its 106 stores.
The American owner of Toys R Us filed for bankruptcy last September with a £15m VAT bill which can’t be paid unless the retailer sells.
Toys R Us management met with the Pension Protection Fund (PPF) on Friday (23 February) to update them on the company’s status. The company’s retirement scheme will be handed over to PPF, which could lead to a cut in savers’ benefits.
The company is understood to have appointed Moorfields Corporate Recovery to handle its administration.
Maplin was in talks with the owner of Edinburgh Woolen Mill over a possible rescue deal, but discussions had broken down last night (27 February).
PricewaterhouseCoopers has been lined up to handle the administration.
UPDATE: Toys R Us has gone into administration, but trading will continue as normal in its 106 stores as the retailer starts plans to shut them down.
