Toys ‘R’ Us to Close All Stores in Britain After Failing to Find Buyer
- 6 years ago
Toys ‘R’ Us to Close All Stores in Britain After Failing to Find Buyer
By CHAD BRAYMARCH 14, 2018
LONDON — Toys “R” Us said on Wednesday that it would close all of its stores in Britain after failing to find a buyer, another ominous sign for a once-dominant toy retailer
that has struggled under pressure from Amazon and other online sellers.
The company, which is owned by the private equity firms Bain Capital
and Kohlberg Kravis Roberts, has been hampered by the debt load it was saddled with by the real estate firm Vornado Realty Trust, which bought Toys “R” Us in 2005.
The company, which filed for bankruptcy in the United States last year, said it would
close its remaining 75 stores in Britain in addition to the 25 it has already shut.
“We have made every effort to secure a buyer for all or part of the company’s business,”
Simon Thomas, the joint administrator for the British arm, said in a news release.
By CHAD BRAYMARCH 14, 2018
LONDON — Toys “R” Us said on Wednesday that it would close all of its stores in Britain after failing to find a buyer, another ominous sign for a once-dominant toy retailer
that has struggled under pressure from Amazon and other online sellers.
The company, which is owned by the private equity firms Bain Capital
and Kohlberg Kravis Roberts, has been hampered by the debt load it was saddled with by the real estate firm Vornado Realty Trust, which bought Toys “R” Us in 2005.
The company, which filed for bankruptcy in the United States last year, said it would
close its remaining 75 stores in Britain in addition to the 25 it has already shut.
“We have made every effort to secure a buyer for all or part of the company’s business,”
Simon Thomas, the joint administrator for the British arm, said in a news release.