Toys’R’Us ANZ Limited (ASX: TOY) has appointed Luke Andrews and Duncan Clubb of BDO Business Restructuring Pty Ltd as Voluntary Administrators, effective immediately. This decision comes after the company concluded that it could no longer pursue a solvent recapitalization plan, despite previous efforts and stakeholder support. The Board determined that the company is either insolvent or likely to become so, making administration the most prudent course of action.
The Administrators will assume control of operations to conduct an independent assessment. Toys’R’Us ANZ will aim to continue operating on a ‘business as usual’ basis while the administrators evaluate restructuring or sale options. Key stakeholders have expressed willingness to collaborate with the Administrators on any proposed restructuring plans presented to creditors.
A first creditors’ meeting is scheduled within eight business days, adhering to Corporations Act requirements. Further market updates will be provided as developments unfold. Simultaneously with this announcement, the company’s securities have been suspended from trading on the ASX, pending further notice.
The Board expressed gratitude to employees, customers, and shareholders. Toys’R’Us ANZ, previously Funtastic Limited, operates e-commerce websites including Toys“R”Us, Babies“R”Us, RIOT Art and Craft and Hobby Warehouse.
