Toys R Us has announced it will close all of its UK stores by the end of April after failing to find a buyer.
The move will put around 3,000 Brits out of work as the retailer struggles with mounting US debt, with annual interest payments of as much as $400 million (£287 million).
Administrators were brought in around two weeks ago to handle the collapse of the UK business.
It said 25 stores were due to be shut by Thursday 15 March, while the rest would close after selling off existing stock.
Joint administrator Simon Thomas said: “We have made every effort to secure a buyer for all or part of the company’s business.
“This process attracted some interest, but ultimately no party has been able to move forward with a formal bid prior to the expiration of the stated deadline.
“It is therefore with great regret that we have made the difficult decision to make a number of positions redundant at the company’s head office in Maidenhead and proceed with a controlled store closure programme.”
He added: “We are grateful for the hard work of Toys R Us staff during this very difficult period and will be providing support where we can to those who have been made redundant.”
Chief executive Dave Brandon said the company’s international operations in Australia, France, Poland, Portugal and Spain are considering their options.
The retailer also confirmed it would close all 885 stores in the US, affecting around 30,000 jobs.
It comes after a number of high profile high street closures, including the collapse of electricals chain Maplin, which also failed to secure investment.