100 stores will be closed overall resulting in the loss of 3,000 jobs.
Consumer editor Chris Choi says staff have received a memo explaining that no one is willing to buy the business.
The process will begin with the closure of at least 26 loss-making stores earmarked last year when Toys R Us attempted to restructure before eventually collapsing.
ITV News understands a reported 67 people have been made redundant at the group’s head office in Maidenhead; with more than 500 members of staff also set for redundancy on Thursday.
An official announcement is expected later on Wednesday.
The retail sector has had a shaky start to 2018 with Toys R Us and Maplin collapsing; and the restructuring of high-street stalwarts like New Look and restaurants such as Byron and Prezzo.
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