Toys R Us has gone into administration five years after the company was saved.
In a statement to the ASX the company said the business has been put into voluntary administration.
Toys R US ANZ has put Luke Andrews and Duncan Clubb from BDO Business Restructuring in charge of the restructure to the toy store.
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Toys R Us is now exclusively online. Facebook/ToysRUs
“As previously announced to the market, the company has been pursuing a recapitalisation plan with the support of its primary stakeholders,” Toys R Us said in the ASX statement.
“However, the company is no longer in a position to pursue a solvent recapitalisation plan.
“In light of these events, the board has determined that the company is, or is likely to become, insolvent and that the appointment of an administrator is in the best interests of the company.
“The appointment of the administrators is effective immediately.”
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Toys R Us has gone into administration five years after the company was saved. Getty
The administrations will take control of the company’s operations and undertake an independent assessment of its…