Monday, 24 September, 2018

Toys 'R' Us Shuttering All US Stores, Possibly By Next Week

Toys 'R' Us Considers Closing All of Its US Stores Toys 'R' Us planning to liquidate - Bloomberg
| 10 March, 2018, 02:07

Bankrupt retailer Toys "R" Us Inc.is preparing to liquidate its USA operations and assets if it is unable to find a buyer or restructure its outstanding debt with lenders, according to a report on Thursday. That announcement came not long after the company said 184 US stores would be closed. Fortune also reports that the worldwide branches are having just as many problems, with the company's only successful branch - Asia - in talks to be offloaded. The retailer has been struggling to reorganize and balance massive debt.

"We have no information or comment on the USA stores", said Clint Gaudry, vice-president of marketing, in an emailed statement. That year, Bain Capital, KKR & Co., and real estate investment trust Vornado Realty Trust bought the toy chain in a $6.6 billion leverage buyout.


Toy "R" Us was hoping that strong sales during the key holiday season would boost its chances of clinching a deal with its creditors in bankruptcy. 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". Bigger rivals like Walmart Inc. and Target Corp. would typically take a more cautious approach. Toys "R" Us was large enough to stock products from smaller toy manufacturers in addition to the name brand companies like Mattel and Hasbro. Company officials later said the Summit location would remain open. In the early 1990s, sales were increasing at a 10 percent annual clip.

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