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
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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discussions with a number of interested parties, all of the parties have now advised the administrators that they have withdrawn from the sale process,” McGrathNicol said in a statement.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.


Dubai eyes stronger business, investment ties with Egypt

Competitive advantage: Dubai’s reputation as a wealth generator and investment stronghold continues to drive the city’s growth. (Reuters)
Updated 23 July 2018
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Dubai eyes stronger business, investment ties with Egypt

  • Dubai’s global reputation as a wealth generator and investment stronghold continues to drive the city’s growth and was a matter of interest to the visiting Egyptian delegates

Dubai has moved to further strengthen the emirate’s business and investment ties with Egypt, following meetings with a high-level Egyptian delegation.

During the discussions held in Dubai, Dubai FDI and Egyptian delegates from the General Authority for Investment and Free Zones appraised the many foreign investments coming into the city as a result of the government’s intensive efforts to create a business-friendly environment.
Dubai FDI (the investment agency of the Dubai Economic Development Department) also took the opportunity to explain its mandate and role in creating a business-appropriate landscape to attract international companies and help stimulate capital growth.
Khalid Al-Boom, Deputy CEO of Dubai FDI, who welcomed the Egyptian officials, said that Dubai and Egypt’s joint efforts and deepening relations constitute a significant boost to the government’s initiative to make Dubai one of the most sustainable and competitive business hubs in the world. Al-Boom also said that the visit would further reinforce government-to-government ties and promote sharing of knowledge of expertise.
He noted that the current favorable business environment would further push a new phase of economic and investment cooperation between the two countries to help realize their growth and development goals.
“We at Dubai FDI are fully committed to continue on the path toward success and optimize Dubai’s transformation and potential to make the emirate’s one of the most stable economies in the Middle East and the world,” he concluded. The Egyptian delegates were introduced to local business, government, and legislative processes and procedures. Dubai FDI officials also discussed promising business opportunities and key services that benefit foreign companies operating in the emirate.
The Dubai Government has rolled out a comprehensive program to help foreign companies interested in starting their business in the city. The visiting delegation toured the Dubai Multi Commodities Center and the Dubai Silicon Oasis Authority, during which they were informed about the institutions’ best practices, development strategies, main service offerings, and major investment opportunities.
Dubai’s global reputation as a wealth generator and investment stronghold continues to drive the city’s growth and was a matter of interest to the visiting Egyptian delegates. They were informed that though Dubai moved away from traditional trading and looked to its natural resources for sustenance in the latter half of the 20th century, revenue from oil was soon complemented and later almost replaced with a knowledge-based and services driven economy.
The innovative businesses which establish themselves in Dubai are supported by the Emirate’s ambition to drive technology, pioneer new innovation and foster thought leadership.
Trade, logistics, financial services, hospitality and tourism, real estate, construction and manufacturing now make up more than 90 percent of business activity in the Emirate.
This diversification, along with Dubai’s strategic location, infrastructure and ease of business philosophy, make it a popular choice for local and international organizations to begin operations and expand into the Middle East.