The UK arm of Toys R Us is on the lookout for a buyer, with hopes of finding a new owner by the end of the week, it has emerged.
The loss-making British arm of the international toy retailer is understood to be seeking offers in a bid to save the chain and the jobs of at least 3,000 employees, Sky News has reported.
It had been thought that the business would be made safe when it secured crucial pensions restructuring support.
But it now appears that a rushed sale deal could be needed to prevent the UK chain from bankruptcy.
Read more: Who killed Toys ‘R’ Us?
Bankers are also seeking buyers for the rest of the brand's European operations, across 10 countries outside of the UK.
Sources told Sky News that the UK business was in danger of imminent closure without urgent extra funding. This comes despite the chain already turning to a credit voluntary arrangement (CVA) which resulted in plans to close 26 loss-making stores.
Its US parent company filed for bankruptcy in October last year, triggering ramifications for the entire global brand as well as its suppliers.
Character Group, which makes toys for franchises including Peppa Pig and Pokemon in the UK, flagged the impact of the retailer's troubles by lowering its own guidance last year.