Toys ‘R’ Us has announced plans to close at least 26 stores across the UK, putting up to 800 jobs at risk.
In a statement on Monday, the company said that it plans to revamp its business in response to “evolving needs of customers in today’s UK retail market”.
It said that it would be instigating a so-called “Company Voluntary Arrangement” under which it will seek creditor approval to shut outlets in order to save costs.
There will be no disruption for customers shopping through the Christmas and New Year period, Toys ‘R’ Us added.
In September, Toys ‘R’ Us filed for bankruptcy protection in the US, in what experts at the time described as one of the largest ever Chapter 11 filings by a speciality retailer. Its UK unit has also been battling tough market conditions for some time.