Troubled Toys R Us ordered to find £9m for pension pot

Online retailers left Toys R Us in their dust

GETTY TRAILING Online retailers left Toys R Us in their dust

According to Mr Barker, the retailer said that the write-off of the loan had no impact on the direct covenant of the pension fund, "as it occurred in a different part of the group's corporate structure which sits a number of layers above the employer responsible for the DB scheme, Toys R Us Limited".

Toys R Us announced its restructuring plans earlier this month, proposing the closure of stores in Shrewsbury and at St Andrews in Birmingham, but retaining its shops at Merry Hill, Stafford and Oldbury.

All the company's 84 toy stores, along with 3,200 jobs, would reportedly be at risk if the CVA is blocked.

"They are becoming much more pro-active, but this pro-activity might hasten the demise of Toys R Us itself", he added.

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Toys R Us in the United Kingdom is struggling to get support for the company's restructure plan, with the retailer on the brink of administration.

"We are seeking to fully understand the current position of the company, including its future potential, position of the USA parent and the reported historic financial transactions".

"Given the position of the company, we strongly believe seeking assurances for the pension scheme is reasonable given the deficit in the scheme and questions about the overall position of the company".

That track record has caused alarm among PPF executives evaluating the Toys R Us proposals.

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

The retailer, which has 84 stores and employs 3,200 staff in the United Kingdom, has been loss-making for seven of the past eight years and in its latest accounts had an operating loss of £500,000 on sales of £418 million.

Typically, Christmas is a busy time for toy stores, since it is when they make their biggest sales.

Under the CVA plan, the affected Toys R Us shops will remain trading throughout the Christmas period and well into the new year, but will begin closing from next spring. "The business has been loss-making in recent years and so we need to take strong and decisive action to accelerate the transformation". The same soulless stores, very little online presence.

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In the case of Toys R Us, it would result in the closure of at least 26 shops, with considerable rent reductions at numerous remaining outlets, which would save millions of pounds per year.

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