Toys R Us’ Australia stores likely to be saved through Asia play
Thousands of Australian Toys R Us workers appear likely to have their jobs saved through a deal to merge the bankrupt retailer’s local operations with its Asian business and sell them to a new owner.
The toy giant’s 45 local stores and about 2700 employees have been under a cloud for the past month after the chain announced it would wind-down its business in the United States.
Toys R Us said on March 15 it would close all 735 of its stores in the US, where it is headquartered, after going bankrupt in September and failing to restructure billions of dollars of debt.
It is also shuttering its 75 stores in Britain, but working with global restructuring giant Lazard to find new owners for its operations in Australia, Asia and Canada.
Sources close to the process told Fairfax Media there had been at least a dozen preliminary offers received for the 400-store Asian business, most of which also included the Australian operations. Sydney Morning Herald – Read more…