WAYNE, N.J., Dec. 4, 2017 /CNW/ -- Toys"R"Us, Inc. (the "Company") today announced that, as part of the Company's ongoing financial restructuring efforts, the Company's UK operation ("Toys"R"Us UK") has initiated a process by which it is seeking creditor approval to reposition its real estate portfolio for future growth and profitability.
The UK Company Voluntary Arrangement (CVA) process will not impact any Toys"R"Us entities or stakeholders outside the UK, including employees, vendors and customers. The Company's approximately 1,600 Toys"R"Us and Babies"R"Us stores around the world, including all stores in the UK, are currently open for business and continuing to operate as usual. Customers can also continue to shop for the toy and baby products they are looking for online at the Company's www.toysrus.com and www.babiesrus.com web stores.
Dave Brandon, Chairman and Chief Executive Officer, said, "As we continued to work through the financial restructuring process, we made the decision to take action to put our UK operation on stronger financial footing. Through the CVA process, we hope to receive authorization to restructure our UK lease obligations so that we will be better able to invest in our UK business and further improve the customer experience. Importantly, our stores and operations in our other global markets will not be impacted by this process."
Mr. Brandon continued, "We are confident that we are taking the right steps to ensure that the iconic Toys"R"Us and Babies"R"Us brands live on for many generations in the UK and around the world. We remain committed to championing play for kids and serving as a trusted resource and friend for parents around the world. Today's proactive measure better positions us to achieve these goals and ensures customers can continue to shop us with confidence over the Holiday season and beyond."
Under the UK's CVA process, Toys"R"Us UK has submitted a restructuring plan to its creditors and will solicit their approval of this plan over the next 14 days. If approved by 75 percent of the creditors and then declared effective, the CVA plan would allow the UK entity to move forward with a more cost efficient store base and footprint better suited to meet the needs of today's consumer.
Additional information can be found by visiting the Company's restructuring website at www.toysrusinc.com/cvaprocess or calling the Company's Information Hotline, toll-free, at the following numbers internationally:
- US and Canada: 844-794-3476
- UK Toll Free: 800: 0-800-014-8914
- Germany: 0800-182-9016
- Spain Mobile Enabled: 900-984918
- Portugal Mobile Enabled: 800-180-778
- France: 805: 0805-080337
- Poland: 0-0-800-141-0322
- Australia 1300: 1-300-009-390
- Austria Mobile Enabled: 0800-802290
- Switzerland Mobile Enabled: 0800-562-556
- China: 400-120-4011
About Toys"R"Us, Inc.
Toys"R"Us, Inc. is the world's leading dedicated toy and baby products retailer, offering a differentiated shopping experience through its family of brands. Merchandise is sold in 885 Toys"R"Us and Babies"R"Us stores in the United States, Puerto Rico and Guam, and in more than 810 international stores and over 255 licensed stores in 38 countries and jurisdictions. With its strong portfolio of e-commerce sites including Toysrus.com and Babiesrus.com, the company provides shoppers with a broad online selection of distinctive toy and baby products. Toys"R"Us, Inc. is headquartered in Wayne, NJ, and has nearly 65,000 employees worldwide. The company is committed to serving its communities as a caring and reputable neighbor through programs dedicated to keeping kids safe and helping them in times of need. Over the past three decades, the Company has given more than $100 million in product donations to children's charities. Since 1992, the Toys"R"Us Children's Fund, a public charity affiliated with Toys"R"Us, Inc., has also donated more than $130 million in grants. For more information, visit Toysrusinc.com or follow @ToysRUsNews on Twitter.
For more information please contact:
Lenders and Note Investors:
Matthew Finigan, Vice President, Treasurer at 973-617-5808 or [email protected]
Amy von Walter, Executive Vice President, Global Communications & Customer Care at 201-815-9512 or [email protected]
Michael Freitag / Meaghan Repko
Joele Frank, Wilkinson Brimmer Katcher
Tel: (212) 355-4449
SOURCE Toys“R”Us, Inc.