Friday, 22 June, 2018

Toys 'R' Us considering closing all of its stores, report says

Emily Warne from Headromance Havant salon owner ‘disgusted’ after government claims it failed to pay staff minimum wage
Michele Schwartz | 10 March, 2018, 02:06

The chain has been trying to get a buyer to help save them, but a deal has not been reached with its lenders.

Bloomberg reported that its sources said a shutdown of the USA division has become increasingly likely in recent days.

The toy retailer is reported considering liquidation of all United States assets, according to Bloomberg, which cited anonymous sources.

No one for the for company would comment on the record to various media outlets calling about the possible closure, but their Twitter account thanked customers for their support. The retailer has been struggling to reorganize and balance massive debt.

Two Toys R Us stores in Alabama were originally set to close, which included the Summit location.

For now, the liquidation will be a big blow for the toy industry, as the chain makes up about 15 percent of US toy revenue.

As early as next week, all Toys R Us stores could shut down, WGN-TV reports.

It was only September when the operation went into Chapter 11, and obtained a $31B loan to keep stores open, but the holiday season didn't work out. Toymakers, from large companies like Mattel to small companies with new products, will take a hit.

The news of Toys "R" Us closing is also bad news for the toy industry in general. Toy's R. Us also announced back in February that it would also close Toys "R" Us and Babies "R' Us locations in locations in Dedham, Millbury, Bellingham, Northborough and Framingham".

While this may be yet another nail in the coffin of traditional retail, perhaps we can at least look forward to one last insane fire sale.

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