Toys'R'Us UK Faces Job Losses and Pension Fund Troubles

Toys'R'Us UK Faces Job Losses and Pension Fund Troubles

Tuesday, December 19th, 2017 9:32am CST

Category: Company News
Posted by: Va'al   Views: 11,000

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We have some more unfortunate news for those following the saga of Toys'R'Us, both in the US and the UK, ever since the first invocation of chapter 11 and the 'bankruptcy' story first broke (as covered here).

As you might remember, the UK branch of the retail chain has been facing some rough times entirely independently of the US branch's bankruptcy filing, and around a quarter of their stores in the country could be facing closure. The latest addition to that story, as reported by major UK national media, informs us that pension funds may also be in trouble. Apparently, whatever the outcome stores will not be closing until the spring, meaning that holiday shopping (and jobs) will be unaffected, but you can read more on this below.

Toys R Us UK is facing potential collapse this week with the loss of 3,200 jobs as it struggles to win the support of the state-backed Pension Protection Fund (PPF) for a planned restructure.

The PPF, the industry-funded, state-backed safety net, demanded that the troubled retailer pump about £9m into the ailing Toys R Us UK pension fund.

This is in order to gain the PPF’s support for the retailer’s planned company voluntary arrangement (CVA) procedure, which involves the closure of at least 26 loss-making stores. That deal would lead to the loss of up to 800 jobs.

[...]

Malcolm Weir, director of restructuring and insolvency at the PPF, said the body had yet to decide how to vote: ‘‘We are seeking to fully understand the current position of the company, including its future potential, position of the US parent and the reported historic financial transactions.

“The pension scheme is already underfunded and, if we were to vote in favour of the CVA, we would need actions taken that ensure the position of the pension scheme was not going to further weaken.

“Whatever the outcome of the CVA, the pension scheme members can be reassured that they remain protected.”

Credit(s): BBC, Guardian


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Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927291)
Posted by Rodimus Knight on December 19th, 2017 @ 9:47am CST
I have a friend who works for Toys R us, and she mentioned all the things she was told they were going to do during the holiday season to bring in customers and then she noted that they havn'r done any of it.
I wouldn't be surprised if Toys R Us wasn't around next holiday season.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927309)
Posted by Carnivius_Prime on December 19th, 2017 @ 11:20am CST
oh well, maybe it's just it's time to go like many a loved store before it. Sad but these things happen I suppose.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927316)
Posted by nemesisorion on December 19th, 2017 @ 1:27pm CST
Its about time toys r us goes away its shit anyway
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927319)
Posted by Deathsaurus1 on December 19th, 2017 @ 1:57pm CST
The only reason i step foot into a toysrus is for the masterpiece line but they never have them instock. Toysrus gets in tf waves faster but at an inflated price.
So really why would i go there when i know walmart and target usually get in the newer waves about 2 weeks later at a cheaper price? And those two stores are alot closer.

Nothing about toysrus is great or gives much incentive to go there.

Even there masterpiece prices are insane.
Mpm-3 bumblebee is $90 at toysrus vs bbts $79.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927341)
Posted by Carnivius_Prime on December 19th, 2017 @ 4:29pm CST
Maybe it's different where you live. Toys R Us is the only decent toy store even remotely near me and is the only one that stocks any Mega Construx sets which is my other main collecting apart from Transformers. The only other dedicated toystore close enough is The Entertainer which often has a tiny stock of outdated Transformers often at silly prices (£23 for normally £18 Titans Deluxes for example). I've often got some great deals at the Toys R Us whether intentional (due to a sale) or accidental (like when I got Titans Cosmos for £7.99 instead of £12.99 due those Legends being put on the wrong peg). Don't have Walmart here... we have it's related branch Asda but they're usually pretty lousy at the toy thing and didn't have any TLK figures here apart from Hot Rod and only cos I had to do a click n collect on that (and it was the only TLK figure I could even find available to do that with).
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927354)
Posted by Asepticon on December 19th, 2017 @ 7:01pm CST
It will definitely have an impact on me if TRU goes down. When I think of all the wonderful exclusives that never would have seen the light of day had it not been for Toys R Us, my heart goes out to them. If only they could get distribution under control in places like where I live, I'm sure they would be okay.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927566)
Posted by william-james88 on December 21st, 2017 @ 11:31am CST
We have news from Bloomberg of Toysrus potentially closing 100 stores in the United States. This comes from "people with knowledge of the situation" and it is simply them considering it at this point. No decision has been made about whether stores will close or not or even the potential number, which may even go up to 200 according to other insiders. For those curious, Toysrus currently has 879 stores in the US which means that they would be potentially closing between %10-%20 of their stores. The strategy of closing stores with less traffic seems to be the main strategy of most department stores at the moment.

Bloomberg states that the holiday shopping season has not yielded the numbers Toysrus was hoping for, though with the season not being over and the numbers for this quarter not released yet, we do not have a clear view at what numbers they are actually referring to.

Toys “R” Us Inc., which filed for bankruptcy in September, is considering closing at least 100 U.S. stores in the face of weak holiday sales, according to people with knowledge of the situation.

U.S. sales have declined about 15 percent this Christmas-shopping season from a year earlier, according to people recently briefed on the matter, who asked not to be identified because the information isn’t public. The number of closed stores could reach approximately 200, one of the people said, but no decision has been made.


Toysrus themselves have commented by simply stating that any real number for stores closing is pure speculation at the moment and probably inaccurate:

“Final decisions about our real estate portfolio will be done only after careful consideration about the best interests of our business,” said spokeswoman Amy von Walter. “Any speculation on that figure is premature and likely to be inaccurate.”



Image
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927572)
Posted by nemesisorion on December 21st, 2017 @ 11:47am CST
Bye bye shits r us :KREMZEEK: :-D :x
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927576)
Posted by That_Guy on December 21st, 2017 @ 11:58am CST
That stinks, my 3 year old and I go to either one in Clearwater or Citrus Park. Granted Citrus Park is way better than Clearwater, but he loves the lego tables and the new play areas. Last weekend I could not get him away because they set up the Cars track one.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927579)
Posted by o.supreme on December 21st, 2017 @ 12:04pm CST
I have a ton of fond childhood memories of TRU, but most of those are in the Bay Area. I have 4 stores I can drive to within a 25 mile radius. If one or even two of them closed, It would not effect me that much, I'd feel sorry for the many people losing jobs, except for the few who gave me horrible customer service on occasion.

I just hope the couple stores I have a lot of sentimental attachment to stay open. They are in the heart of densely populated areas. especially THIS ONE, though it is over 120 miles from where I am currently, I have some history with it...

https://backpackerverse.com/haunted-toysrus/
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927582)
Posted by dragons on December 21st, 2017 @ 1:02pm CST
nemesisorion wrote:Bye bye shits r us :KREMZEEK: :-D :x


Would you prefer shopping at walmart they don't sell master piece figures and there selection sucks no matter what prices are on all figures
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927583)
Posted by dragons on December 21st, 2017 @ 1:03pm CST
nemesisorion wrote:Bye bye shits r us :KREMZEEK: :-D :x


Would you prefer shopping at walmart they don't sell master piece figures and there selection sucks no matter what prices are on all figures
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927590)
Posted by gothsaurus on December 21st, 2017 @ 1:51pm CST
yeah, this is sad news for kids and collectors. While it's always a little more pricy, I have found figures there that I haven't found anywhere else. Would be sad to not have the option.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927607)
Posted by Kyleor on December 21st, 2017 @ 4:17pm CST
I'm always amazed when companies work their way to be a big/major name in their category/field, then somehow manage to self destruct, usually with a 'we're too big to fail' type attitude from the upper management.

But this is also the same company who thinks it's OK to regularly not have anyone at any register or anywhere else in the front of the store.

Fingers crossed the restructuring includes replacing upper management with better decision makers.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927625)
Posted by fenrir72 on December 21st, 2017 @ 6:37pm CST
This is so sad! Really! The repercussions for the toy market remains to be seen! Sure we all(ok, some) get 99% of our plastic crack online but just how big are we in the totality of the toy buying market? Hopefully this doesn't affect the toy manufacturers who need a place to sell their wares.

Also, major bummer for the TRU employees.......
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927626)
Posted by fenrir72 on December 21st, 2017 @ 6:38pm CST
Kyleor wrote:I'm always amazed when companies work their way to be a big/major name in their category/field, then somehow manage to self destruct, usually with a 'we're too big to fail' type attitude from the upper management.

But this is also the same company who thinks it's OK to regularly not have anyone at any register or anywhere else in the front of the store.

Fingers crossed the restructuring includes replacing upper management with better decision makers.


It's called cost cutting.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927657)
Posted by Editor on December 22nd, 2017 @ 1:22am CST
It's going to end up being closing a bunch of locations in areas where a few stores are too close to each other, and stand alone babiesRus shops that will get merged into the TRU locations. It's crap for the employees, and for some communities that could lose their stores but honestly what did we expect when they filed for bankruptcy protection.
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1927763)
Posted by Ultra Markus on December 22nd, 2017 @ 9:17pm CST
Editor wrote:It's going to end up being closing a bunch of locations in areas where a few stores are too close to each other, and stand alone babiesRus shops that will get merged into the TRU locations. It's crap for the employees, and for some communities that could lose their stores but honestly what did we expect when they filed for bankruptcy protection.

lets just hope that we dont see them go down like KB toys
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1933411)
Posted by Jelze Bunnycat on January 24th, 2018 @ 8:57am CST
It's official guys: Toys 'R Us has opted to close up to 182 locations across the US. Here's a quick link:

Full list of stores to close, sorted by state

And man! My local one is targeted! That means I'll have to go another town over for any TRU exclusives! :-(
Re: Toys'R'Us UK Faces Job Losses and Pension Fund Troubles (1933425)
Posted by D-Maximal_Primal on January 24th, 2018 @ 10:18am CST
JelZe GoldRabbit wrote:It's official guys: Toys 'R Us has opted to close up to 182 locations across the US. Here's a quick link:

Full list of stores to close, sorted by state

And man! My local one is targeted! That means I'll have to go another town over for any TRU exclusives! :-(

We are working on newsing this now.

But as I speak, I'm actually very surprised to see my local TRU is not on the list... interesting considering the size

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