Retailer agrees to inject more than £9m into scheme as Pension Protection Fund and creditors back insolvency planThousands of jobs at Toys R Us maintain been saved after the ailing toy retailer agreed to pump more than £9m into its pension intention over the next two years in a last-minute deal with the state-backed pensions lifeboat.
The Pension Protection Fund joined landlords and other creditors in backing Toys R Us’s company voluntary arrangement (CVA) intention, which involves the closure of at least 26 loss-making stores from next spring as well as reducing the size of others. Consultations with affected employees will commence in the new year.
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Source: guardian.co.uk