Monday, 19 November, 2018

Goodbye, Geoffrey: Toys R Us closing its last stores

The bankrupt toy company announced that it would be shutting down all US locations in March The bankrupt toy company announced that it would be shutting down all US locations in March
Jodi Jackson | 30 June, 2018, 15:53

Meanwhile, a picture posted Wednesday of the chain's mascot, Geoffrey the Giraffe, with his luggage packed up and ready to go quickly went viral, garnering almost 300,000 shares by Friday morning. But sources have told The New York Post that Walmart executives had identified some 800 Walmart stores within five to 10 miles from an old Toys "R" Us location to carry extra toy inventory.

"Every Toys "R" Us worker is leaving with zero, and Bain Capital is leaving with $475 million in profits", said Forbes, citing a report by Bloomberg that the private-equity owners - KKR (KKR), Bain Capital and Vornado Realty Trust (VNO) - had collected more than $470 million in fees and interest payments from Toys "R" Us during the past few years.

Several stores that have run out of stock closed, according to AOL.

In January, it announced plans to close about 180 stores, but then in March it said it would liquidate the rest of the 700-plus stores.

After the sad photo of Geoffrey went viral, the San Antonio Zoo set up a GoFundMe page to raise $100,000 with the goal to "persuade the owners at Toys " R " Us to join the effort to save giraffes by donating the use of their most recognizable intellectual property", their beloved mascot.

"This is a chance for Geoffrey and the great people at Toys "R" Us to leave a legacy gift that has the potential to change the world and bring smiles to children for generations to come", the fundraiser reads.

Many kids grew up watching Geoffrey the Giraffe in TV commercials.

Toys R Us, which also owned Babies R Us, collapsed in February after they were unable to pay a £15million tax bill. The 900-store retail chain will also expand its online toy assortments, Harrison added.

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