Toys R Us Australia Is Still Open For Business...For Now...
Toys R Us says it is business as usual at its Australian stores despite the apparent demise of the business in the US and UK.
The US company filed for bankruptcy protection in September, and after a sharp decline in sales over the Christmas period now reportedly plans to sell or close all 885 stores in the US.
Chief executive David Brandon has told employees that the company is also likely to liquidate in Australia, France, Spain and Poland, according to The Wall Street Journal.
In the UK, administrators have already closed a quarter of the company's 100 stores, and will close the remainder in the next six weeks after failing to find a buyer.
A spokesperson for Toys R Us Australia said it is business as usual for the local operations.
"Toys R Us Australia stores are open for business and continue to serve customers," the spokesperson said.
Toys R Us Australia has more than 2,500 employees at more than 40 stores, including several Babies R Us stores.
The US parent has been weighed down by billions of dollars in debt accumulated since it was bought by a real estate investor and two private equity firms in 2005.
It announced plans in January to close up to 20 per cent of its US stores as part of efforts to restructure and emerge from bankruptcy.