What does Toys R US’ bankruptcy mean for customers in the UK?
THE news Toys R Us has filed for bankruptcy protection in he US has led customers around the world to worry about the future of the toy giant.
As Sun Online reported this morning, the firm has taken the action in the US and Canada amid concerns over its massive debts and intense competition from online retailers.
It has applied for "Chapter 11 protection" - which will allow the company to restructure itself so it can tackle its three billion dollar (£3.6bn) debts.
But what does the move mean for UK customers ahead of the busy Christmas shopping period?
Will any stores be closed?
Toys R Us has moved to assure customers that its UK arm is not affected at all and it is "business as usual."
It has 110 outlets and employees 2,500 staff in the UK.
In fact, it said the move in north America won't impact on any of its other businesses in Europe, Australia and Asia.
What about the store's loyalty payment scheme?
Toys R Us has a payment scheme that lets you spread the cost of your purchases over a maximum of 12 weeks - handy if you are thinking of Christmas presents already.
It confirmed to Sun Online that the scheme - along with its birthday list, baby registry and loyalty and gift cards - are all unaffected by the measures, so there's no need to panic.
But if you are considering using it Take Time to Pay service, you could be better off checking rival retailers for a cheaper price.
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You could also use a 0 per cent credit card, which will allow you to spread the cost of your Christmas purchases without being charged interest.
And of course - you could always save up the cash and buy presents that way too.
Why has Toys R Us filed for Bankruptcy?
Like many names which have disappeared from the High Street in recent years, Toys R Us has struggled to adapt to the rise of online shopping.
The move will attempt to tackle its five billion dollar debt and the retailer, which has more than 1,600 stores across the globe, has already secured three billion in financing to help keep the stores open.
In the UK, it is opening four more shops in the run-up to Christmas - in High Wycombe, Sunderland, Blackburn and Craigleith.
It first opened a store in the UK in 1985.
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