As part of Toys “R” Us‘ ongoing financial restructuring efforts, the company’s UK operation initiated a process to seek creditor approval to reposition its real estate portfolio for future growth and opportunity.

The UK Company Voluntary Arrangement (CVA) process will not impact any Toys “R” Us entities or stakeholders outside the UK, including employees, vendors, and customers. The company’s approximately 1,600 Toys “R” Us and Babies “R” Us stores around the world, including all stores in the UK, are currently open for business and continuing to operate as usual. Customers can also continue to shop for the toy and baby products they are looking for online.

Under the UK’s CVA process, Toys “R” Us UK has submitted a restructuring plan to its creditors and will solicit their approval of this plan over the next 14 days. If approved by 75 percent of the creditors and then declared effective, the CVA plan would allow the UK entity to move forward with a more cost efficient store base and footprint better suited to meet the needs of today’s consumer, according to Toys “R” Us.