Creditors ranging from landlords to suppliers are nursing potential losses of more than £1bn after the collapse of Toys R Us and Maplin yesterday.
In a bleak day for the high street, the British division of Toys R Us called in administrators after its sales plummeted over Christmas.
Its failure has left a trail of creditors as the toy retailer owed more than £664m to a group of banks and financial institutions, while its landlords, suppliers and other parties including local councils are collectively owed hundreds of millions of pounds more.
The trustees of the Toys R Us staff pension scheme have a claim of about £79m and Revenue & Customs is owed more than £15m.
The Telegraph adds that Toys R Us UK has appointed Moorfields Advisory as administrator to wind down the company’s stores, with the collapse putting 3,000 jobs at risk, while PwC is set to handle Maplin which employs 2,500 people, after sale talks with Edinburgh Woollen Mill collapsed.
Labour called on the government to hold talks with trade unions, Toys R Us and Maplin to ensure that jobs were safeguarded according to the Guardian.
New Look, the clothing chain, on Wednesday also sought consent from bondholders ahead of a possible restructuring that would involve closing scores of its 600 stores, according to documents seen by the FT.
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