Toys R Us is expected to enter administration tomorrow unless an eleventh-hour deal to rescue the ailing company is struck.
Frantic attempts to secure a buyer before Tuesdays deadline for payment of a £15m VAT tax bill have so far failed, with a potential investor pulling out at the last minute, the Retail Gazette reports.
The crisis in the chains UK arm – which employs around 3,200 people – comes less than six months after its American parent company filed for bankruptcy protection in the US and Canada, and announced plans to dramatically scale back its operations.
Toys R Us UK narrowly avoided administration in December after a deal was agreed with the Pensions Protection Fund that involved cutting 800 jobs and closing at lea…
Read the full article at: http://www.theweek.co.uk/91915/toys-r-us-faces-complete-collapse-as-deadline-looms
