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Toys R Us to shut all UK stores

The U.K. division of Toys R Us Inc., which fell into administration in February, will close all its stores in the country after the administrators failed to secure a sale for all or part of the business.

In a March 14 statement, the toy retailer's joint administrators at Moorfields Advisory Ltd. said they will proceed with a closure program, which is expected to take about six weeks, for the 75 stores that were not previously earmarked for closure. The 25 locations that are part of the planned closures have either already closed or are due to close March 15.

The administrators also disclosed the dismissal of 67 employees at the company's head office in Maidenhead earlier in the day.

The development comes the same day as Toys R Us reportedly told employees that it will either sell or close all of its U.S. stores, putting around 33,000 American jobs at risk. Toys R Us filed for bankruptcy protection in September 2017.