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Toys R Us is near to collapse with just days left to pay £15mil­­­lion VAT , it is claimed.

Up to 3,200 jobs are feared on the line as bosses scramble to secure a rescue ahead of the Revenue’s February 27 deadline.

Sources say that if they fail, the firm could go into administration. The UK arm of toy giant won a stay of execution when its US parent company filed for bankruptcy in December.

Up to 26 loss-making stores launched closing down sales while landlords accepted lower rent for those that stayed open.

(Image: PA) (Image: Lauren Haly)

But poor Christmas trading has been compounded by the huge VAT demand. The firm, which has been in the UK since 1985, was put up for sale earlier this month after losing money for the last seven years.

It is thought it needs around £120million to make it viable.

Potential buyers are said to include Alteri Investors, rivals The Entertainer and Hilco Capital, which saved teetering HMV from total collapse. They were told savings could be made by cutting up to 800 jobs along with overheads and toy ranges.

Bosses are now set to work through the weekend to secure some sort of future. Toys R Us declined to comment today.