Toys R Us’s 3,200 jobs at risk

Toys R Us, directors have told the Pension Protection Fund (pensions lifeboat) that their impending plan to appoint administrators early next week. Their US arm filed for Chapter 11 bankruptcy last year but claimed at the time that this would have no impact on its UK operations. Toys R Us is preparing to close 25 of its 105 stores after racking up losses of £673m in 2016. The move will put 3,200 jobs at risk following the bankrupt American parent to try to sell the loss-making UK business, to find £15million to give to the taxman and an injection of £9.8m into the company’s pension fund. The firm has been told that it has until the end of February to pay the VAT bill or it will be put into administration.