Toys R Us became one of the first big names to enter into a CVA. As it did, it announced plans to make redundancies and close branches as well as transform its business model.

Toys R Us store closing

Source: Shutterstock/photocritical

The retailer submitted a plan to its creditors to restructure its finances and operations.

Toys R Us UK MD Steve Knights said at the time: “The decision to propose this CVA was a difficult one, but it is the best path forward to make essential changes to the business.”

In 2018, the retailer closed all its UK sites.

However, last month, the company revealed that it had agreed a long-term licence agreement, which will see it return to the UK next year.