Having announced the closure of outlets in UK and the US, ToysRUs has declared insolvency in Portugal as it can not find a buyer for the business.Toys R Us has applied to a Madrid court to close Toys R Us Iberia, although the company says it is still looking for a buyer, and "continues operations to try to ensure its viability in Portugal and Spain."
However, "Toys R Us Iberia Real Estate SLU, a company holding 26 properties of the group, applied to the court for a declaration of insolvency."
Store closures in the UK and the United States involve 900 sites and around 36,000 jobs. The company filed for bankruptcy six months ago and has found no buyer.
In the UK, 75 stores that had remained open will join the 25 that the retailer has already closed.
In the US, where the company shut down 182 stores in January in hopes of avoiding liquidation, the remaining sites now will close and 32,000 further employees will lose their jobs.
