Toys R Us future in UK plunged into doubt over pension scheme
The retailer was told to put £9m into its struggling pension fund by the PPF in order for it to support the toy retailer’s restructuring plan.
Failure to agree a deal could put all its 3,200 staff at risk of redundancy. The PPF’s Malcolm Weir said it believed it was “reasonable” to seek guarantees on the pension scheme’s future.
“Since the company lodged the CVA [company voluntary agreement] 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,” said Mr Weir.
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