Toys ‘R’ Us Australia Placed into Voluntary Administration with Insolvency Firm McGrathNicol

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Toys ‘R’ Us in Australia has lost its battle for survival with directors today putting the 44-store chain into administration. The move threatens up to 2700 jobs, including 700 full-time positions. Insolvency firm McGrathNicol said partners Jason Preston, Keith Crawford and Barry Kogan were put into Toys ‘R’ Us (Australia) and Babies ‘R’ Us (Australia) after the withdrawal of the final bidder looking over the struggling businesses, The West Australian reported. The stores, including four in Perth. and a distribution centre in Sydney would remain open while McGrathNicol urgently explored options for a recapitalisation and tried to complete a sale of the stand-alone Australian business as a going concern, the firm said. Read more. (Subscription required.)