Toys R Us receives multiple $1bn bids for Asia business

The collapsed retailer looks for a glimmer of hope in Asia

Profitable stores will continue in Europe and Asia (Getty)

Toys R Us has received several $1bn (£706m) bids for a majority stake in its Asia arm, a lawyer for the company said.

The US company plans to sell some of its global operations after collapsing in September due to piling debt and strong competition from discount online retailers.

Lawyer Joshua Sussberg said that the company will attempt to continue running profitable stores in Europe and Asia while it folds its UK and US stores.

Mr Sussberg told a US court hearing that sales and estate auctions were generating some money to repay creditors.

Toys R Us is also expecting to finalise a deal to sell its operations in Central Europe.

The retailer had almost 1,600 stores before it filed for bankruptcy protection, many of them characteristically located in out-of-town areas with large stores.

The rise of online shopping and the dominance of e-retailers such as Amazon made life difficult for Toys R Us as it never completely took hold of online sales.

Toys R Us in the UK has yet to find a buyer for 100 closed stores.

"We are working closely with the 2,000 employees affected by the closures to ensure they receive the support they need for redundancy and other compensatory payments," said Stephen Thomas, lawyer at Moorfields.

“The stores across the county will be open as usual until the last day of trading and we would encourage shoppers to make the most of the great deals on offer".

Here is a comprehensive list of closing dates for UK Toys R Us stores;

Banbury, Friday-20-April

Bayswater, Saturday-21-April

Bedford, Saturday-21-April

Belfast Castle Court, Tuesday-24-April

Brent Cross, Tuesday-24-April

Brighton, Thursday-19-April

Bristol Friday-20-April

Bromley, Thursday-19-April

Carlisle The Lanes, Thursday-19-April

Southampton,Tuesday-24-April

Chester, Tuesday-24-April

Northampton, Monday-23-April

Chester Broughton, Wed-18-April

Preston, Monday-23-April

Chesterfield, Sun-22-April

Stevenage, Thursday-19-April

Colliers Wood, Sun-22-April

Glasgow The Forge, Saturday-21-April

Coventry, Tuesday-24-April

Wakefield, Saturday-21-April

Craigleith, Friday-20-April

Croydon, Tuesday-24-April

Glasgow Helen St, Monday-23-April

Derby, Tuesday-24-April

Basildon, Saturday-21-April

Enfield Monday-23-April

Manchester, Saturday-21-April

Harlow, Sunday 22 April

High Wycombe, Saturday-21-April

Blackburn, Thursday-19-April

Ilford, Sunday-22-April

Liverpool, Friday-20-April

Lincoln, Monday-23-April

Thurrock, Friday-20-April

Luton, Monday-23-April

Doncaster Frenchgate, Friday-20-April

Mansfield, Saturday-21-April

Dundee, Tuesday-24-April

Medway, Monday-23-April

Stirling, Sun-22-April

Merry Hill, Friday-20-April

Leicester Highcross, Friday-13-April

Metro Saturday-21-April

Milton Keynes Sun-22-April

Nottingham Tuesday-24-April

Norwich Tuesday-24-April

Oldbury Monday-23-April

Peterborough Sun-22-April

Portsmouth Friday-20-April

Leeds Monday-23-April

Reading Saturday-21-April

Sheffield Tuesday-24-April

Solihull Sun-22-April

Northampton Weston Favell Saturday-21-April

Sprucefields Monday-23-April

Oxford Saturday-21-April

Stafford Thursday-19-April

Warrington Tuesday-24-April

Staines Elmsleigh Friday-20-April

Stockport Sun-22-April

Swindon Tuesday-24-April

Stoke Saturday-21-April

Nottingham Victoria Centre Friday-20-April

Sunderland Wed-18-April

Swansea Sun-22-April

Poole Monday-23-April

Sydenham Friday-20-April

Aberdeen Union Square Thursday-19-April

Teesside Friday-20-April

Cardiff Queen Street Thursday-19-April

Uxbridge Thursday-19-April

Gloucester Monday-23-April

Woking Sun-22-April