BREAKING NEWS Beloved children's store Toys R Us collapses in Australia AGAIN after chain received a major lifeline
Iconic children's store Toys R Us has collapsed for the second time in Australia, five years after the retail giant was handed a major lifeline.
Toys R Us ANZ said the chain had been placed into voluntary administration in a statement made to the ASX on Thursday.
'As previously announced to the market, the company has been pursuing a recapitalisation plan with the support of its primary stakeholders,' it said.
'However, 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 appointment of the administrators is effective immediately.'
It marks the second time the company has entered administration in Australia in five years.
In 2020, the once popular destination-shopping retailer was bought by a brand called 'Funtastic' which changed its name to Toy R Us shortly after take over.
Funtastic acquired the Australian e-commerce website for Toys R Us, Babies R Us and Mittonit in the deal.
The US arm of Toys R Us filed for bankruptcy in September 2017 and announced it would sell or close all stores in the US and the UK the following year.
The retail giant had 800 stories in the US and 100 stores in the UK at the time.
More to come.
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