Toy retailer Toys’R’Us has entered voluntary administration again as it calls in the administrators.
Five years after relaunching as an online retailer, the popular kids toy store has collapsed for a second time, citing ‘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 retailer says in a statement to the Australian Stock Exchange (ASX).
“The appointment of the administrators is effective immediately.”
Luke Andrews and Duncan Clubb of BDO Business Restructuring have been appointed as administrators and while they assess the company’s situation and explore options for restructuring or sale, Toys’R’Us ANZ will operate ‘on a business as usual’ basis where possible.
The collapse follows the US branch of Toys’R’Us bankruptcy in September 2017 as it closed all 800 stores in the US and 100 stores in the UK.
