Toys R Us Plans to Liquidate all US Stores
- Author: Zachary Reyes Mar 16, 2018,
Mar 16, 2018, 12:47
The Toys R Us across the street was already planning to close, as well as the store at the Shops at the Blue Grass in Simpsonville. Following the European branch, the USA made a similar announcement last week. "735 remaining US stores and begin an orderly wind-down of the USA operations".
Retail expert Trae Bodge says if you have a Toys R Us gift card, you should use it as quickly as possible.
The company also announced stores in other parts of the world would likely be reorganized or sold.
Originally founded in the late 1940s, Toys "R" Us had at its peak more than 2,000 stores, but filed for bankruptcy protection in September as it has faced increased competition from online retailers, including Amazon. He added that he is also looking into buying as many as 400 USA stores, which he would seek to operate under the Toys R Us name. But here's the problem: More than 60 years later, Toys "R" Us stores don't feel much different.
Toys "R" Us said in the filing it is considering options that could combine up to 200 of the top performing USA stores with its Canadian operations in a potential sell-off. The company has not ruled out a last-minute buyer for all its stores.
The liquidation threatens up to 33,000 American jobs, making it the largest in retail since Sports Authority laid off 14,500 workers and closed 460 stores two years ago.
Greuling said there is a good possibility that the warehouse could be taken over by another user.
Toys "R" Us' debt problems date back to well before Amazon was a major threat.
The impending store closures also include all Babies R Us stores.
The company has lashed out at its competitors, saying Walmart, Target, and Amazon created the "perfect storm" to kill off the chain after cutting prices on toys during the holiday season.
Toys R Us, as a well-known and long-lasting brand, may yet have a future - the company even quoted its classic jingle in its bankruptcy filings.
Toys "R" Us Inc.is officially packing up its playroom.
"If there is no Toys R Us, I don't think there is a toy business", MGA CEO Isaac Larian said in a statement.
According to Bloomberg, Toys R Us had hundreds of millions in debt it had to restructure this year for its USA operation, but it couldn't do that or find a buyer. The company hoped to add playrooms where kids could try out toys and spaces for birthday parties, but it never got the chance. With rivals looking to get a piece of the sales its disappearance leaves up for grabs, it's worth pointing out the other missteps that, if avoided, could perhaps have steered Toys "R" Us to an alternate ending.
Toys R Us has been hurt by the shift to mobile devices taking up more play time. The announcement comes after the dream toy company made a decision to shut down its United Kingdom operations at the beginning of the year.
Toys R Us started out in 1948 as a baby furniture shop called Children's Bargain Town.
News about UK-based locations proved confusing to some readers, and the gift card announcement coincided with matters related to Toys R Us' fiscal solvency in the United States.