It’s a sad day for kids across the country, with iconic toy store chain Toys ‘R’ Us confirming all stores around Australia will be shut down.
According to the Australian Financial Review, administrators McGrathNicol partners failed to find a buyer for the company after taking over last month.
“Despite productive discussions with a number of interested parties, all of the parties have now advised the administrators they have withdrawn from the sale process,” McGrathNicol said.
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“Therefore a going-concern sale will not be achieved and the business will now be wound down.”
It’s understood all 44 Toys ‘R’ Us and Babies ‘R’ Us stores across Australia will close over the coming weeks, with the online store to be shut down on Friday.
The company’s collapse will see more than 700 staff lose their jobs.
— The Morning Show (@morningshowon7) June 20, 2018