Corporate recovery firm Moorfields Advisory Limited has been appointed to begin "an orderly wind-down" of the UK's biggest toy retailer after an attempt to sell the British branch of the business as a going concern was unsuccessful.
Toys'R'Us filed for Chapter 11 bankruptcy protection in a USA court in September, which gives companies temporary protection from creditors while they try to renegotiate their debts and reorganise to continue operations.
In September, the firm's American parent company filed for bankruptcy protection in the USA and Canada and while numerous group's United Kingdom stores proved resilient, the bigger, warehouse-style outlets became a financial burden.
What does this mean for shoppers?
When are the Toys R Us closing down sales?
Toys R Us operate four stores Northern Ireland: Belfast city centre, Newtownabbey, Londonderry and Lisburn.
Toys'R'Us gift cards are still now being redeemed, but exchanges are only being offered for faulty goods.
Pay the balance for the merchandise they have included in their Take Time to Pay Agreement. Otherwise, customers can use their deposits toward the cost of any in-store purchases by March 11.
He added: "As taxpayers we should all be concerned as the immediate cause of Toys R Us' administration appears to be its unpaid VAT bill of £15m and other unpaid tax debts can be expected".
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Andy McKinnon, acting chief executive at the PPF, said: "We will now be working to maximise the recovery to the scheme from the administration".
In December 2017, The retail company poured £9 million into its pensions fund as part of a wider cost-cutting measure.
Toys R Us said on Friday it had stock of the brands on its website.
In addition, falling consumer spending, soaring inflation and competition from online rivals have dented performance in recent years.
It's a status that's been described as "an orderly wind-down" for what was once the biggest toy retail chain in the United Kingdom, according to BBC.
Retail is tough right now, even for the strong players.
Its bankrupt United States parent is already in the process of closing hundreds of stores across the US. It is a subsidiary of a United States business which has been drowning in billions of dollars of debt. Stores are struggling to compete with prices online and our shopping habits have changed dramatically.