Toys R Us administration to be triggered today?

Bids also being sought for European arm of troubled retailer say reports.

The latest reports on the future of stricken toy retailer Toys R Us suggest that the UK business could be placed into administration today (Tuesday February 27).

Sky News reported on Friday February 23 that corporate recovery company Moorfields was being lined up to handle the administration of Toys R Us UK, which is expected to be triggered today.

It went on to report on Sunday February 25 that the retailer was also seeking bids for its European arm. Sky News reported that advisors to TRU had told potential buyers to lodge offers by the close of business on Monday February 26.

Toys R Us trades from over 230 shops in ten European markets including Austria, France, Germany and Spain.

Several private equity firms were understood to be planning to table bids for the division, which also has a presence in Denmark, Finland, Iceland, Norway, Poland and Portugal.

TRU UK’s biggest unsecured creditor – the Pension Protection Fund – was notified last week of the impending insolvency. TRU has a £15 million VAT bill which is due today (Tuesday).

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