Toys R Us avoids collapse after securing creditor backing for restructuring plan

Toys R Us has staved off the threat of administration after creditors to the company "overwhelmingly" agreed to a restructuring plan that will secure around 2,500 jobs.

The beleaguered retailer’s proposal for a company voluntary arrangement (CVA) won the approval of 98% of creditors on Thursday, including the backing of the Pension Protection Fund (PPF).