Toys ‘R’ Us to close stores in Australia

SYDNEY: Australian stores of US chain Toys ‘R’ Us will shut down after administrators said they were unable to find a buyer, the latest victim of the growth of online retail.
Toys ‘R’ Us Australia was put into administration last month after a failed auction to sell the stores, months after the retailer’s US and UK stores wound down their activities.
Administrators McGrathNicol had kept the 44 Toys ‘R’ Us and Babies ‘R’ Us outlets in the country open as they searched for a buyer or looked for options to recapitalise the business, without success.
“Despite productive discussions with a number of interested parties, all of the parties have now advised the administrators that they have withdrawn from the sale process,” McGrathNicol said in a statement.
“Therefore a going-concern sale will not be achieved and the business will now be wound down.” — AFP