Toys ‘R’ Us Australia stores to close after failing to sell

Toys ‘R’ Us Australia was put into administration last month after a failed auction to sell the stores, just months after the retailer’s US and British stores wound down their activities. (AFP)
Updated 20 June 2018
0

Toys ‘R’ Us Australia stores to close after failing to sell

SYDNEY: Australian stores of US chain Toys ‘R’ Us will shut down after administrators said Wednesday they were unable to find a buyer, the latest victim of the growth of online retail.
Toys ‘R’ Us Australia was put into administration last month after a failed auction to sell the stores, just months after the retailer’s US and British stores wound down their activities.
Administrators McGrathNicol had kept the 44 Toys ‘R’ Us and Babies ‘R’ Us outlets in the country open as they searched for a buyer or looked for options to recapitalize the business, without success.
“Despite productive discussions with a number of interested parties, all of the parties have now advised the administrators that they have withdrawn from the sale process,” McGrathNicol said in a statement.
“Therefore a going-concern sale will not be achieved and the business will now be wound down.”
Existing stock will be sold off at the stores as they close in the next few weeks. The closures will also see 700 staff lose their jobs.
Founded in 1948 as a small child care store in Washington, DC, Toys ‘R’ Us evolved into one of the world’s most recognizable kids’ brands.
But like other bricks-and-mortar retailers, it has struggled amid the rise of e-commerce and an Internet buying culture.
Toys ‘R’ Us announced in March that it would liquidate its US operations and shut down all 735 stores. The British arm of the embattled retailer said in February it was winding down its activities.


Bitcoin sinks to new 13-month low

Updated 22 min 2 sec ago
0

Bitcoin sinks to new 13-month low

LONDON: Bitcoin slumped to a new 13-month low on Monday, with the biggest cryptocurrency touching $5173.23 on the Bitstamp platform.
Bitcoin was last down 5.2 percent at $5270. The cryptocurrency, and other lesser coins including ethereum and XRP, endured a sell-off last week, with some blaming fears that a “hard fork” in bitcoin cash, where the smaller coin that split into two separate currencies, could destabilize others.