North East Toys R Us Stores Saved From Closure

21 December 2017, 18:21

Toys R Us

Three Toys R Us stores in the North East will remain open after the firm avoided going into administration.

Toys R Us looks to have staved off the threat of administration after a key creditor to the retailer agreed to a restructuring plan that will secure around 2,500 jobs.

It means stores in Stockton, Gateshead and Washington will stay open.

The beleaguered retailer's proposal for a company voluntary arrangement (CVA) is expected to be voted through on Thursday after it obtained the backing of the Pension Protection Fund (PPF).

However, while the CVA will allow Toys R Us to stay afloat, at least 26 loss-making UK stores will shut as part of the restructure, meaning up to 800 jobs are set to be lost.