Toys R Us receives multiple $1bn bids for Asia business - Independent

April 12, 2018
Toys R Us receives multiple $1bn bids for Asia business
The collapsed retailer looks for a glimmer of hope in Asia

Shafi Musaddique

Profitable stores will continue in Europe and Asia Getty
Toys R Us has received several $1bn (£706m) bids for a majority stake in its Asia arm, a lawyer for the company said.

The US company plans to sell some of its global operations after collapsing in September due to piling debt and strong competition from discount online retailers.

Lawyer Joshua Sussberg said that the company will attempt to continue running profitable stores in Europe and Asia while it folds its UK and US stores.

Mothercare sales drop even further as fewer people visit its stores
 Mr Sussberg told a US court hearing that sales and estate auctions were generating some money to repay creditors.

Toys R Us is also expecting to finalise a deal to sell its operations in Central Europe.

The retailer had almost 1,600 stores before it filed for bankruptcy protection, many of them characteristically located in out-of-town areas with large stores.

The rise of online shopping and the dominance of e-retailers such as Amazon made life difficult for Toys R Us as it never completely took hold of online sales.

Toys R Us in the UK has yet to find a buyer for 100 closed stores.

"We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments," said Stephen Thomas, lawyer at Moorfields.

“The stores across the county will be open as usual until the last day of trading and we would encourage shoppers to make the most of the great deals on offer".

Here is a comprehensive list of closing dates for UK Toys R Us stores;

Banbury, Friday-20-April       

Bayswater, Saturday-21-April     

Bedford, Saturday-21-April     

Belfast Castle Court, Tuesday-24-April     

Brent Cross, Tuesday-24-April     

Brighton, Thursday-19-April     

Bristol   Friday-20-April

Bromley, Thursday-19-April     

Carlisle The Lanes, Thursday-19-April     

Southampton,Tuesday-24-April

Chester, Tuesday-24-April     

Northampton, Monday-23-April

Chester Broughton, Wed-18-April   

Preston, Monday-23-April

Chesterfield, Sun-22-April     

Stevenage, Thursday-19-April

Colliers Wood, Sun-22-April     

Glasgow The Forge, Saturday-21-April

Coventry, Tuesday-24-April     

Wakefield, Saturday-21-April

Craigleith, Friday-20-April

Croydon, Tuesday-24-April     

Glasgow Helen St, Monday-23-April

Derby, Tuesday-24-April     

Basildon, Saturday-21-April

Enfield  Monday-23-April   

Manchester, Saturday-21-April

Harlow, Sunday 22 April

High Wycombe, Saturday-21-April     

Blackburn, Thursday-19-April

Ilford, Sunday-22-April     

Liverpool, Friday-20-April

Lincoln, Monday-23-April   

Thurrock, Friday-20-April

Luton, Monday-23-April   

Doncaster Frenchgate, Friday-20-April

Mansfield, Saturday-21-April     

Dundee, Tuesday-24-April

Medway, Monday-23-April   

Stirling,  Sun-22-April

Merry Hill, Friday-20-April       

Leicester Highcross, Friday-13-April

Metro   Saturday-21-April       

Milton Keynes   Sun-22-April

Nottingham        Tuesday-24-April

Norwich               Tuesday-24-April

Oldbury                Monday-23-April 

Peterborough   Sun-22-April

Portsmouth        Friday-20-April       

Leeds    Monday-23-April

Reading                Saturday-21-April     

Sheffield              Tuesday-24-April

Solihull  Sun-22-April     

Northampton Weston Favell      Saturday-21-April

Sprucefields       Monday-23-April   

Oxford  Saturday-21-April

Stafford               Thursday-19-April     

Warrington         Tuesday-24-April

Staines Elmsleigh             Friday-20-April       

Stockport            Sun-22-April

Swindon              Tuesday-24-April

Stoke    Saturday-21-April     

Nottingham Victoria Centre        Friday-20-April

Sunderland         Wed-18-April

Swansea              Sun-22-April     

Poole    Monday-23-April

Sydenham          Friday-20-April       

Aberdeen Union Square               Thursday-19-April

Teesside              Friday-20-April       

Cardiff Queen Street      Thursday-19-April

Uxbridge             Thursday-19-April     

Gloucester          Monday-23-April

Woking Sun-22-April