Which Toys R Us stores are set to close?

It's game over for 26 loss-making Toys R Us stores

Embattled toy retailer Toys R Us is looking to shutter almost a quarter of its United Kingdom stores, placing hundreds of jobs at risk.

The CVA, which has to be approved by its creditors, could result in the loss of up to 800 jobs.

Toys R Us has 106 stores in the UK.

He added: "It's likely that the Toys "R" Us store in Kirkcaldy will close in the Spring 2018".

But a spokeswoman for Toys R Us said: "All trading will continue as normal over Christmas and well into the new year - so there will be no changes to returns policies and stores will continue to accept gift cards and honour all Take Time To Pay Agreements".

Staff are being briefed on the upcoming changes, and no details of affected stores will be released until this has finished.

While Toys R Us has maintained that the stores will remain open during the Christmas period and into the New Year, the news paints a desperate picture for the business which will have to ramp up efforts even further to attract customers over the festive season.

And of the 26 stores set to close, Sussex's only store in Hove is safe for now.

In October, it was reported that a number of suppliers had stopped delivering stock to Toys R Us in the United Kingdom ahead of Christmas because of problems with credit insurance.

The kids" toy retailer announced this week that it had planned the closure of a quarter of its stores across the country in response to "evolving needs of customers in today's United Kingdom retail market'.

Toys R Us in Watford.

'The decision to propose this CVA was a hard one, but we (are) determined it is the best path forward to make essential changes to the business'.

The toy company has put forward a company voluntary arrangement (CVA) which requires 75pc of its creditors to vote in favour of the shop closures in order to slash Toys R Us's rental burdens.

The announcement comes just months after the US-based retailer filed for bankruptcy protection in the U.S. and Canada as it battled mammoth debts and increasing competition online. Download it today and continue to enjoy STV News wherever you are.

The company - which dates back to the 1950s - was being lined up for a stock market flotation, but the plans were scuppered by weak financial performance.

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