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Toys R Us confirms plans to shut Shrewsbury store

Toys R Us confirms plans to shut Shrewsbury store

Mr Knights said the closures had been "a hard decision" but said the company needed to take "strong and decisive action" to try and turn around the business.

The company has not yet announced any US store closings, and it maintains that its plan is to operate the business as an ongoing retail chain.

It has not said which stores will be impacted by the closures, and added that there will be no disruption for customers shopping through the Christmas and New Year period.

The company's restructure comes amid a tough run-up to Christmas, traditionally the retail sector's busiest period of the year.

This would "reduce the United Kingdom company's rental obligations and allow the business to move to a new, viable business model".

There also will be no changes to return policies or gift cards, he said.

Toys R Us, based in Wayne, N.J., wants to replace "the warehouse-style stores we opened in the 1980s and 1990s" with smaller, more interactive locations, said Steve Knights, managing director of Toys R Us U.K., in a statement. Many have closure programmes that tend to be modest.

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More: Toys to go?

'We have far too many stores and we will see many more closures into next year.

She said: 'Toy retailers, fashion retailers, everyone is going to reduce the size of their stores.

Up to 800 people could lose their jobs and Toys R Us said redundancies are likely. Download it today and continue to enjoy STV News wherever you are.

'Toys R Us has aisles and aisles stacked high with products, but they will never win that fight with the internet'.

Accounts for the year to January show a turnover of £418million, on which it made an operating loss of £0.5million.

Gary Grant, managing director of The Entertainer, the UK's biggest independent toy chain, said the store closures were awful news for the toy industry. Experts said November had been a disastrous month for the toy industry, with sales down 10% and profit margins under pressure from excessive discounting. Is the Great British high street dying? The stuff [toys] that are hot are hot, but the rest is mediocre'.


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