Thursday, 8 February 2018

HMV owner Hilco plots last-gasp rescue of ailing Toys R Us UK

The firm which salvaged HMV from the wreckage of administration five years ago is among a small group of bidders plotting a rescue deal for the British operations of Toys R Us.
Sky News has learnt that Hilco Capital, which specialises in investments in distressed retailers, met Toys R Us UK executives earlier this week.
Hilco is expected to submit a letter of intent ahead of a deadline on Thursday for prospective bidders to express an interest in acquiring the struggling business, according to insiders.

A number of other, unidentified, suitors are also considering offers, they added.

Sky News revealed on Wednesday that Toys R Us was seeking bids for its loss-making UK arm before the end of this week as fears grow for the fate of more than 3,000 workers.

The truncated timetable underlines the precarious future of Toys R Us in Britain, just six weeks after it was thought to have been salvaged in an 11th-hour rescue deal.

The entire European operations of the ailing retailer are now on the market, encompassing 236 stores outside the UK in 10 countries including Austria, France, Germany and Spain.

SKY      News.