The toy retailer’s U.K. website is also no longer accepting transactions.
GLOBAL–Toys ‘R’ Us is expected to sell or close all of its U.S. locations, according to The New York Times. The company's U.K. division has also relieved its head office staff members and is moving forward with massive store closures.
The closures come nearly six months after the toy retailer announced it had filed for Chapter 11 bankruptcy in the U.S. due to the debt it had incured since it was acquired by private equity firms in a leveraged buyout in 2005.
The retailer is also closing 25 U.K. stores that had previously been marked for closure, according to Bloomberg. Sources familiar with the situation cited Brexit-induced costs, a lack of investment in the U.K. and the surge in e-commerce as contributing factors.
The 75 remaining Toys ‘R’ Us U.K. stores will stay open until further notice, but are likely to close in the near future. The company’s U.K. site is also no longer accepting transactions and has announced a going-out-of-business sale.
