Playtime’s Over for Toys R Us

28th February 2018.

Children’s toy store chain, Toys R Us, has gone into administration, putting 3000 jobs at risk.

Moorfields Corporate Recovery has taken on the administration of Britain’s largest toy retailer, but has announced that all stores will remain open “until further notice”. The retailer is scrambling for a buyer, and Moorfields has assured it is doing all it can to keep its doors open for workers and customers alike.

This recent announcement is the latest in a long line of company insolvencies over the last few months. From wholefood retailer, Palmer and Harvey, to furniture chain, Multiyork and construction giant, Carillion, the assumption that blue-chip companies are safe from collapse has been firmly disproven. At the Credit Protection Association, we not only offer our members debt recovery services, but also a range of credit management products. Our credit reports and credit checking tools allow business owners to catch bad payment behaviour early, this means that any late payers or slow payers can immediately be thrown out before they inflict any damage on the business.

Toys R Us has arms in both the UK and the USA, and a complete commercial collapse would affect the workers across all 105 stores around the UK.

The chain’s older stores have been underperforming since the popularity of its interactive stores, where downloading the store’s mobile app has given customers a range of games and activities, from virtual baskets and barcode scanners, to animated Giraffes and playrooms.

The tally of job losses will soon increase since the announcement that Maplin, the electronics retailer, has also filed for administration.

Maplin employs 2,500 workers and has been attempting to find a buyer for the struggling business, but rescue talks have since broken down.

When running a successful business you should never see yourself as invincible. It doesn’t matter if you’re big or small, thin or fat, or even the most popular kid in the playground; it could all change in a second. If business owners don’t keep a close eye on their customers, checking if they’re paying on time, paying the correct account, or even paying to the right company, it won’t be long before they find themselves down the same path as Toys R Us.

At the Credit Protection Association, our thorough credit reports and credit checking facilities allow our members to keep their businesses safe. We also provide monitoring tools to allow our members to scrutinise their customers throughout the whole business relationship.  You can have the most successful and thriving business, but if you aren’t aware of the financial standing of everyone in your supply chain, it could all come crashing down.

If you think you are in danger of sharing Toys R Us’ fate, don’t despair. If you are struggling with your cash flow and concerned for your business’ prospects, come to CPA first before you consider liquidation. We will recover bad debt, chase late payers, and you will back in the playground in no time!

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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