It has been annnounced that Toys R Us Australia will shut down all 44 stores, after administrators could not find a buyer for the business.
Administrators, McGrathNicol Partners Jason Preston, Keith Crawford and Barry Kogan were consulting with interested parties, however the parties have all withdrawn from the process.
All stores will be wound down, along with the head office and distribution centre in Sydney.
Approximately 700 staff will be affected by the closure and they will have their entitlements paid by the administrators through the liquidation process.
The administrators will liquidate the stock through the stores network.
In terms of store policies; gift cards can only be used until 05 July and will only be redeemed if customers spend an additional equal amount to that on the gift card; existing lay-by orders will be honoured until 05 July if customers pay any outstanding balances and stock is available; and, the online ordering system will be shut down on 22 June and customers will not be able to make any further orders online.
"[We] would like to thank TRUA employees for working with [us] constructively during the administration process," the administrators said in a statement.
To read the full statement issued by McGrathNicol, click here.