Toys R Us' UK operations have reportedly been loss-making in seven of the last eight financial years.
It now employs 3,200 people and said it would, where possible, aim to redeploy staff affected by the shop closures.
The company's United Kingdom managing director, Steve Knights, said: 'All of our stores across the United Kingdom remain open for business as normal through Christmas and well into the New Year.
As part of the CVA process, Toys R Us UK has submitted its restructuring plan to creditors, with hopes of gaining approval within the next 17 days.
Mr Knights said the closures had been "a hard decision" but said the company needed to take "strong and decisive action" to try and turn around the business. The statement did not say which stores would close or how many job losses there would be among the company's 3,200-strong United Kingdom workforce.
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Toys R United States has had a hard lead up to Christmas with sales down 10% in November.
This would "reduce the United Kingdom company's rental obligations and allow the business to move to a new, viable business model".
'The decision to propose this CVA was a hard one, but we (are) determined it is the best path forward to make essential changes to the business'.
It is unclear whether the retailer's landlords and creditors will support the CVA proposal, the same process used by BHS to exit loss-making stores during its demise.
In an interview with Bloomberg in September, the company's spokesperson, Michael Freitag said, "Like any retailer, decisions about any future store closings - and openings - will continue to be made based on what makes the best sense for the business".
The UK arm of Toys R Us is owned by the USA company, but run as a separate business.