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

Toys R Us rescue plan at risk of crumbling as PPF demands £9m injection

The Pension Protection Fund (PPF) has confirmed it intends to vote against the proposed restructure of Toys R Us in the United Kingdom, unless it receives assurances on the future of the company's pension scheme.

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.

The Pension Protection Fund (PPF) wants the toy giant to pay £9m into its pension to fill a black hole, despite Toys R Us yesterday saying it did not have the cash to make such a payment.

If the procedure were unsuccessful, it was considered likely that all 84 stores and a few more pop-ups would be forced to shut their doors, potentially leaving as many as 3,200 staff out of work.

Toys R Us Holdings' latest set of accounts filed at Companies House show a pension deficit of £18.4m in January, up from £10.25m a year before.

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LONDON-Toys "R" Us Inc.'s United Kingdom unit, which is at risk of collapse, faces questions from lawmakers about a reported surge in payments to its former managing director. The parent company filed for Chapter 11, the USA version of administration, in September after running up $5bn (£3.7bn) of debts.

He added that: "The pension scheme is already underfunded and, if we were to vote in favour of the CVA, we would need actions taken that ensure the position of the pension scheme was not going to further weaken".

Failure to agree a company voluntary arrangement (CVA), a deal whereby creditors restructure the company's finances, which requires the support of the PPF, could put the retailer at risk of administration, meaning thousands of jobs losses.

Representatives for Toys "R" Us U.K. and PPF declined to comment.

Mr Weir added that: "Whatever the outcome of the CVA the pension scheme members can be reassured that they remain protected".

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