The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Cultural And Recreation Goods In Specialised Stores 47.65 - Retail sale of games and toys in specialised stores
800 jobs Number of planned job losses
Announcement Date
19 December 2017
Employment effect (start)
Foreseen end date
Description
Retailer Toys R Us is reported to be cutting 800 jobs and closing a number of its UK outlets. The toy retailer had previously been reported to be on the brink of collapse, which would have threatened all 3,200 of its employees. However, the Pension Protection Fund and the business's creditors have backed plans for a company voluntary arrangement (CVA). The CVA means that at least 26 of the chain's loss-making stores will close, and there will be staff reductions at other sites. Toys R Us's US, its parent company, filed for court-led bankruptcy protection process in the United States.
The changes are subject to the statutory consultation procedures, and discussions will open at the start of 2018. For the time being, no job cuts will take place, though it is reported that cuts are expected from the spring of 2018.
Sources
19 December 2017: The Guardian
21 December 2017: Evening Standard
21 December 2017: The Guardian
Citation
Eurofound (2017), Toys R Us, Internal restructuring in United Kingdom, factsheet number 92939, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92939.
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