December 4, 2017 / 11:06 AM / a year ago

Toys R Us UK to close stores in restructuring

A Toys "R" Us store is seen, in Hayes, Britain December 2, 2017. REUTERS/Peter Nicholls

LONDON (Reuters) - Toys R Us UK is to seek creditor approval for a restructuring plan involving closing at least 26 of its 105 stores in Britain in 2018, it said on Monday.

The British arm of Toys R Us Inc IPO-TOYS.N of the United States which filed for bankruptcy in September, said it had submitted a Company Voluntary Arrangement (CVA) plan to its creditors and would seek their approval in the next 17 days.

Toys R Us UK said that if approved by the creditors the CVA plan would substantially reduce its rental obligations and allow the business to move to a new, viable business model.

The firm said it anticipated redundancies among its workforce of 3,200 but did not give a specific number.

Toys R Us UK said all its stores would remain open as normal through Christmas and into the new year.

Reporting by James Davey; Editing by Edmund Blair

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