The CVA process is also expected to shutter at least 26 stores, which the company intends to begin next spring.
The CVA process will not impact any Toys ‘R’ US entities or stakeholders outside of the U.K. Furthermore, the announcement should have no effect on U.K. consumers shopping through the Christmas and New Year period.
Through the CVA process, TRU U.K. has submitted a comprehensive operational restructuring plan to its creditors and will solicit their approval of the plan over the next several weeks. If approved by creditors, the CVA plan will substantially reduce the U.K. company’s rental obligations and will allow it to move into a new business the model.
The process is also likely to shutter at least 26 stores, which the company intends to commence in spring 2018.
“Like many U.K. retailers in today’s market environment,
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