Toys ‘R’ Us Australia and New Zealand has been suspended from the Australian stock exchange after handing itself over to administrators for the second time as buyers are sought for the collapsed business.

The toy retailer, which switched to an online-only model after appointing administrators in 2018, had been trying to restructure its balance sheet but could not find a viable way forward.

“The company is no longer in a position to pursue a solvent recapitalisation plan. In light of these events, the board has determined that the company is, or is likely to become, insolvent,” Toys ‘R’ Us said in an ASX statement on Thursday.

BDO restructuring partners Luke Andrews and Duncan Clubb have been appointed administrators and have taken control of the business, which will continue operating as usual “where possible” while they look to restructure or sell the business.

Andrews and Clubb have also taken control of Babies ‘R’ Us, Hobby Warehouse and Riot, which are owned by Toys ‘R’ Us.

Toys ‘R’ Us slid into a trading halt on Wednesday morning, and was suspended from the ASX immediately after announcing the appointment of administrators.

“ASX has determined that [Toys ‘R’ Us]’s financial condition is not enough to warrant the continued quotation of its securities,” the ASX Compliance team said in a statement.

Toys ‘R’ Us appointed McGrathNicol as administrators in May 2018, two months after its US parent company said it would shut all 735 stores in the US, where it is headquartered, after going bankrupt in September the year before and failing to restructure billions of dollars of debt.

Prospective buyers of the Australian business ultimately withdrew from the sale process, leading to the loss of 700 staff jobs and the closure of 44 stores.