Toys R Us is looking to offload its UK and European division, with buyers told to submit their bid interest by the end of this week.

According to Sky News, the beleaguered toy retailer’s US owners have already sounded out possible suitors and urged them to formally express an interest by the end of today.

It is not yet known whether any potential bidders have lodged expressions of interest.

Toys R Us’ UK and European businesses are being sold through separate processes being run by Lazard and Alvarez & Marsal.

Details emerged just weeks after Toys R Us’ British business was seemingly thrown a lifeline when landlords voted through a company voluntary arrangement (CVA).

The deal, which was secured at the 11th hour after talks with the Pension Protection Fund, gave the retailer the green light to shutter 26 UK stores and renegotiate rents at others.

Toys R Us will shed up to 800 jobs as a result of the closures, but the urgency of the sale process has now thrown the future of its entire 3,200-strong workforce into doubt.

One insider told Sky News the retailer was “close to unsaveable” and said the feasibility of any rescue plan for its UK and European divisions would depend on the needs of the US business, which scheduled a massive series of closures this week.