Belfast Telegraph

Toys R Us in Northern Ireland not affected by US protective bankruptcy

Toys R Us has confirmed that its Northern Irish operation will be not be affected by the its filing for protective bankruptcy in the United States and Canada.

In a statement, the global toy retailer said that it would be "business as usual" for its UK operation, with its four outlets in Northern Ireland unaffected.

Toys R Us has around $5bn worth of long-term debt on its balance sheet, a substantial chunk of which needs to be repaid next year.

The company has approximately 1,600 Toys R Us and Babies R Us stores and e-commerce sites around the world, with around 64,000 employees.

In company records filed last month for its UK operation, it recorded a pre-tax loss of £673m for the period ending January 28, 2017.

In recent times its sales have been hit by a growing share of the market going to online retailers.

A spokesperson for the store has said it is taking the action to allow it "to restructure its finances while continuing normal business operations" and that its European and Australian operations would not be affected.

The toy giant also has licensed stores and joint venture partnerships in Asia, which number around 225, and has confirmed that these are not effected by the filing.

The company's chairman and chief executive officer Dave Brandon said he was "confident" that the action would allow the store to "live on for many generations".

"Our customers around the world can continue to count on an outstanding shopping experience and excellent service whenever, wherever and however they choose to shop with us. As the holiday season approaches, our global team members are ready to serve the millions of kids and families who will be shopping with us," he said.

Belfast Telegraph Digital

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