Thousands of UK Toys R Us jobs saved after deal with pensions body
Thousands of jobs at Toys R Us have been saved after the ailing toy retailer agreed to pump more than £9m into its pension plan over the next two years in a last-minute deal with the state-backed pensions lifeboat.
The Pension Protection Fund joined landlords and other creditors in backing Toys R Us’s company voluntary arrangement (CVA) plan, which involves the closure of at least 26 loss-making stores from next spring as well as reducing the size of others. Consultations with affected employees will commence in the new year.
About 98% of creditors are understood to have approved the deal, without which the company was likely to have fallen into administration.
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