Toys R Us is Properly Closing on April 24

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A toy executive who launched a longshot bid to save Toys R Us says he's disappointed other companies didn't join the effort, but he still plans to formally submit a bid for more than 300 stores in the USA and Canada.

The retailer's administrators have confirmed over 2-thousand employees will be made redundant.

Simon Thomas, joint administrator and partner at Moorfields, said: "We are grateful for the hard work of everybody at Toys R Us during this extremely difficult and challenging time".

Now, Larian says he's contributing "a substantial amount" of his own funds to the deal, and that his company MGA isn't participating in the takeout offer.

The devastating news came on a harrowing day for the British High Street, as within one hour of its announcement Maplin, Prezzo and Chimichanga then collapsed.

The Mansfield branch of Toys R Us will close first.

Following a restructuring plan that failed and poor sales during the holiday shopping season in the USA, it was announced by the company in March that it would shutter its US and Puerto Rico stores.

The billionaire behind MGA Entertainment - the Van Nuys, Calif. -based manufacturer of Little Tikes and Lol Surprise, in addition to Bratz dolls - told The Post he will submit a last-minute bid on Friday to buy 274 top-performing Toys R Us and Babies R Us stores in the U.S. for $675 million.

The spokeswoman said there were now no plans to close stores or cut workers because of the potential move.

The retailer said it struggled to keep up with the rise of online retailing and a change in shopping habits. Extended discounts of up to 70 per cent are in place from today and offers are available on some of our best-known brands.