Following months of speculation, Toys R Us announced today that they have gone into administration.

The toy shop giant is set to close 106 stores, and 3,200 people will lose their jobs.

Just before Christmas rumours surrounding the fate of Toys R Us began to circulate, with 25 stores around the UK closing.

However today it was announced that all 106 stores will be closing, and all staff will lose their jobs.

The company has said that their big, warehouse-style stores have proven too expensive to run.

Although news of the administration is sad, money savers should keep an eye out for a closing down sale.