Wagga’s Toys ‘R’ Us and Babies ‘R’ Us stores will be closed on or around August 4–5 this year, following the administrators’ announcement in June 2018 that the brands would be wound down across the nation.
The administrators of TRUA, McGrathNicol restructuring partners’ Jason Preston, Keith Crawford and Barry Kogan, yesterday confirmed TRUA stores will close in early August following a final 10 day sale with increased discounts.
Mr Preston said that “the realisation of stock across the network would enable all employee-accrued entitlements, including redundancy payments, to be paid to employees shortly after the termination of their employment”.
TRUA posted successive operating losses: a $7.6 million operating loss in the 12 months to January 28, 2017, and a $9 million loss in the year prior.
A media spokesperson for TRUA said that since the start of the winding down of the business on June 22, each of the stores has experienced an upturn in sales, with all stock having already been sold from nine of the 44 stores nationally.
To maximise returns to other classes of creditors, the administrators intend to realise all remaining stock from TRUAs stores around the country, with discounts increased to up to 70 per cent of original ticket price during the final 10 days of sale.
Discounts of 50–70 per cent to original ticked prices will be offered on all stock, including well-known brand items.
Store fixtures and fittings are also for sale.
Inquiries are continuing about the future of the premise.