Toys R Us faces collapse with loss of all 3200 United Kingdom jobs

The Toys R Us store on the Birchley Island at Oldbury, is one of those that would be preserved under the CVA deal

The Toys R Us store on the Birchley Island at Oldbury, is one of those that would be preserved under the CVA deal

Struggling retailer Toys R Us could go into administration after being told to plough millions of pounds into its pension fund.

Without Toys R Us agreeing to that demand, the PPF - dubbed the United Kingdom pensions "lifeboat" - would likely vote down the proposal.

It has already announced a plan to close 26 United Kingdom branches for the loss of 800 jobs; this move could see the company's entire workforce of 3,200 on the scrapheap, just in time for Christmas.

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If the CVA doesn't get the go-ahead, the company could fall into administration, potentially putting all 3,200 United Kingdom jobs at risk of redundancy with less than a week to go before Christmas.

"The filing of CVA proposals means that an assessment period is automatically triggered for a pension scheme".

Work and pensions select committee chair Frank Field said: "It has also recently been reported that payments to the United Kingdom head of Toys R Us soared from £356,000 in 2014 to £1.3million for the year ending 30 January 2016and that the beneficiary of this surge in remuneration was the then managing director Roger McLaughlan".

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The company had a cumulative pensions deficit of £18.4m in January and the pensions lifeboat could be put at risk if it didn't come up with the £9m that the PPF was requesting. However, Toys R Us are understood to have not yet made a counter offer.

The group's U.S. parent is also unable to lend its United Kingdom subsidiary the cash under the terms of its court-led bankruptcy protection. We have yet to decide how the creditor rights will be exercised in the CVA vote.

Malcolm Weir, director of restructuring and insolvency at the PPF, said: "Since the company lodged the CVA proposals we have spent significant time and effort, with the help of PwC, assessing the current and future financial position of the company to ensure the pension scheme would not be weakened by the CVA, leading to an even bigger claim on the PPF and its levy payers further down the line".

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"Whatever the outcome of the CVA, the pension scheme members can be reassured that they remain protected".

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