Tuesday, 19 December 2017

Toys R Us troubles put 3,200 staff at risk of redundancy

Toys R Us is facing an uncertain future in the UK after it was told to put £9m into its struggling pension fund by the Pension Protection Fund (PPF).

It has to come up with the money by Thursday in order for the PPF to agree to the retailer's restructuring plan.

Earlier this month, Toys R Us said it would close at least 26 UK stores, leading to the loss of up to 800 jobs, as part of the plan.

Failure to agree a deal could put all its 3,200 staff at risk of redundancy.

That plan is part of a proposed company voluntary agreement (CVA), which allows the firm to restructure its finances.
If the CVA does not go through, the company could fall into administration.

BBC       News.