Hundreds of Toys 'R' Us employees to lose their jobs

Around 700 Toys ‘R’ Us staff will lose their jobs after administrators failed to find a buyer for the embattled retailer.

All of the company’s Australian stores will close down over the next few weeks.

Employees have been told their entitlements should be paid in full.

For customers, gift cards will be honoured until July 5, but only if customers spend an equal amount in store.

It comes after Telstra announced it would be axing up to 8000 jobs across Australia in an effort to cut $1 billion in costs by 2022.