Toys R Us, which has 100 stores and outlets in the UK, has put forward a company voluntary arrangement (CVA), which is a step short of going into administration.
Under its CVA plans, Toys R Us is proposing to close at least 26 loss-making UK stores, which would put up to 800 jobs at risk and mean rent cuts for landlords.
The company says that their warehouse-style stores are now “too big and expensive to run”. It is also finding it hard to compete against online toy retailers.
Administration solicitors
If your company is facing administrations, or you are considering a company merger, acquisition, takeover or joint venture or are in the midst of a shareholder dispute or share capital transaction or need business advice please contact us and speak to our administration solicitors.
Call 0161 624 6811 to speak to John Porter and Soibi Iketubosin in our Company/Commercial Department or email jap@wrigleyclaydon.com or si@wrigleyclaydon.com.
John has been with Wrigley Claydon for over 20 years, becoming a partner in 1995. Specialising in Employment Law, John helps clients with matters including the preparation of recruitment policies and employment contracts as well as advocating in employment tribunals in cases of unfair dismissal or discrimination.
He also has considerable experience of dealing with landlord and tenant disputes and matters relating to business and company sales, commercial investment property transactions and lettings as well as residential estate and offshore property developments.
“I know I’ve done a good job when the business doesn’t need me!”
John is never happier than when spending time with his wife and 2 children, Lucy and Alex. John is Chair of Respect Our Community Awards (ROCA) and a board member of First Choice Homes Oldham. In his spare time, John is likely to be found either reading, cooking or walking Donnie the Golden Retriever.
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