Toys R Us collapses for second time
The publicly listed Toys R Us, which was saved five years ago from going bust, has again gone into administration.
In a statement made to the ASX, Toys R Us ANZ said the business had been put into voluntary administration, with BDO's Luke Andrews and Duncan Clubb being put in charge of helping to restructure the previously beloved toy store. Toys R Us has closed its doors but is still running as an online retailer. Credit: News Corp Australia
'As previously announced to the market, the company has been pursuing a recapitalisation plan with the support of its primary stakeholders. However, the company is no longer in a position to pursue a solvent recapitalisation plan,' Toys R Us said.
'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 appointment of the administrators is effective immediately.'
Toys R Us shares have immediately suspended from trading on the ASX pending further announcements.
The board of directors said they acknowledged the support of employees, customers and shareholders during this challenging time.
This is the second time the company has been placed in administration in Australia in the last five years.
In 2020, the then listed ASX Funtastic retailer was reinvented as a hobby, toys and baby-goods business.
As part of this restructure and capital raising, through a reverse takeover, Funtastic acquired the Australian e-commerce website for Toys R Us, Babies R US and Mittonit.
This is just the latest chapter for Toys R Us, which was previously a stand-alone iconic name in global toy sales before the chain collapsed in 2017.
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