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Toys R Us receives several $1bn bids for its Asia unit

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Toy experts say the industry should move into supermarkets. Those from the grocery industry aren’t as sure

Failed US toy-store chain Toys'R'Us reportedly plans to sell its Asia business for more than one billion dollars.

After a failed restructuring attempt and poor December sales in the United States, the firm said in March it would close its stores in the U.S. and Puerto Rico.

Simon Thomas, joint administrator and partner at Moorfields, said: "We are grateful for the hard work of everybody at Toys R Us during this extremely difficult and challenging time. We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments".

The company has said the remaining 75 stores across the country will close by April 24.

Moorfields has been managing the administration of the bust company, after it was unable to pay a 15 million pound tax bill.

The retailer's administrators have confirmed over 2-thousand employees will be made redundant.

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Further afield, Toys R Us is set to close in Bedford on Saturday, April 21, Milton Keynes and Harlow the next day, and in Luton and Enfield on Monday, April 23. In total, over 3,000 jobs will have been lost when the retailer closes.

Meanwhile, New Look and Carpetright have both announced plans to shut stores as part of restructuring plans.

Stores are now offering discounts of up to 70 per cent on remaining products.

United States media is reporting that the chain will sell its 85-percent stake in Toys'R'Us Asia, a joint venture with a Hong Kong partner.

Bricks-and-mortar retailers in the United States and the UK, among other countries, have been facing mounting pressure from the continued rise of internet shopping.

High street retailers such as Toys R Us have been battling against a combination of rising costs and a fall in consumer confidence.

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