LONDON (AP) — The British arm of Toys R Us has gone into insolvency administration, putting 3,200 jobs at risk.

Accountancy firm Moorfields says it has been appointed to oversee "an orderly wind-down" of the debt-burdened toy chain, which has 105 U.K. stores.

It said Wednesday that it will "make every effort to secure a buyer for all or part of the business." All stores will remain open until further notice.

Toys R Us has struggled in recent years, with its big warehouse-style stores losing business to online retailers. Its results over the crucial Christmas period were worse than expected.

The chain's American owner filed for bankruptcy protection in September and announced last month it would close up to 182 stores in the U.S.