LONDON, Dec 21 (Reuters) - Creditors of Toys R Us UK approved the struggling retailer’s restructuring plan at a meeting on Thursday, enabling it to stave off administration.
The firm said 98 percent of Toys R Us creditors, including the Pension Protection Fund (PPF), voted in favour of the arrangement.
Earlier this month the British arm of Toys R Us Inc (IPO-TOYS.N) of the United States, which filed for bankruptcy protection in September, said it would seek creditor approval for a restructuring plan involving closing at least 26 of its 105 stores in 2018 and reduced rent on the stores that stay open.
The firm said its plan would lead to 500-800 redundancies among its total workforce of 3,200. (Reporting by James Davey)