15 March 2018
Toys R Us shops to close down
Toys R Us are one of the most popular children’s toys shops, but unfortunately in six weeks’ time, one hundred will be closing down. It is said that over three thousand people will lose their jobs, leaving them unemployed. Approximately twenty five shops have already been shut down.
In a statement during December, the company said that it plans to revamp its business in response to “evolving needs of customers in today UK retail markets.” Further bad news have been followed that the company has to pay nine million pounds into their pension fund.
The company has entered into a voluntary arrangement (CVA). A CVA is a mechanism enabling companies to organise their funding and operations while enjoying protection from their creditors. Toys R Us dates back to the 1950’s in the United States of America, but Toys R Us on came to the UK in 1985. Toys R us shops said, despite being in administration, all shops will continue to trade with discounted items until they shut permanently.
The exact dates of the shops closing has not yet been finalised, but it is said to be soon. The reason why Toys R Us are having to shut is because of money problems. How much will we miss this childhood haven?
My opinion about Toys R Us closing is that: where would children go to buy their toys? Will there be any more information about this? Will this affect the local people of that city or town? What would be your opinion?