TRU UK Enters Administration
Toys ‘R’ Us UK has gone into administration as of February 28. The company appointed Arron Kendall and Simon Thomas of Moorfields Advisory Limited as Joint Administrators. Moving forward the administrators now manage the affairs, business and property of the company, acting as agents only and without personal liability.
The previous conditions of the CVA, in which the company remained under the control of the UK directors, have been immediately terminated upon the company entering Administration. During this time, TRU will continue to trade under the control of the Administrators, while they evaluate options regarding TRU’s future and determine how to obtain the best possible outcome for all creditors.
The store closure plan implemented as part of the CVA will continue, although the closure timetable may be subject to change. The administration is currently undecided if some or all the stores will be closed. The Administrators will, however, begin to implement an orderly wind-down of the company’s store portfolio.
Gordon Brothers have been engaged by the Administrators to provide support with the sale of the stock and operations.
For additional information on how this news will impact those in the industry as well as consumers, visit the Moorfields Advisory website.