Toys R Us tumbles into administration
Time's up for the troubled toy retailer as it calls in administrator Moorfields to begin "orderly wind-down"
Toys R Us bosses have called in administrator Moorfields to begin what is being called "an orderly wind-down".
The administrator says that all stores will remain open until further notice, and Toys R Us insists it is still on the hunt for a buyer.
Joint administrator at Moorfields, Simon Thomas, said: "Whilst this process is likely to affect many Toys R Us staff, whether some or all of the stores will close remains to be decided."
He added the corporate recovery specialist would continue to "make every effort to find a buyer for all or part of the business".
He noted that the toy retailer's smaller, more modern and interactive stores had been outperforming Toys R Us' more traditional "warehouse-style" locations that opened at the peak of the toy shop's success in the 1980s and 90s.
Toys R Us' insolvency could see the loss of up to 3200 jobs if a buyer is not found.