The French subsidiary of the US toy retail giant Toys ‘R’ Us will be placed into receivership following the liquidation of its parent company.
Toys R Us France’s chief executive Jean Charreteur announced on Wednesday last week (18th July) that he had filed a request with the Commercial Court of Evry, in the Essone, to place the company into receivership. The move, he says, will allow the company “a measure of protection to allow the continuity of negotiations [with a possible buyer] in a secure and serene context.”
The hearing will be held on Wednesday, and a decision given by September.
According to speculation, one of the potential purchasers of the 53 French stores is Pierre Mestre, the majority shareholder of the Orchestra group, which owns the Prémaman brand. If successful, shoppers can expect to see clothing and nursery products ranged alongside toys in-store once they have changed hands.
Maintaining the Toys R Us brand, meanwhile, will depend on negotiations with lenders who hold the rights in the United States.
The French toy retail market has faced a challenging few months: Ludendo, owner of the La Grande Récré, was placed in receivership in March due to commercial and financial difficulties. The Commercial Court of Paris are to choose between an offer filed by the CEO of the group Jean-Michel Grunberg, and another by Fnac Darty, with the decision expected to be announced in the coming days.
CEO Jean Charreteur is confident through that the French retailer will be saved — we’ll be watching closely.
Meanwhile, in Canada the chain continues to trade and is bringing in lots of new Star Wars products, and our team member in Israel shares this photo from Haifa where Toys ‘R’ Us is trading well (albeit with much smaller retail units and product range).
