Wednesday, 18 July, 2018

As Toys ‘R’ Us Closes For Good, Workers Campaign For Severance

A Toys 'R' Us Store As Company Gets 11th Hour Bid From Little Tikes's Larian Bloomberg Getty Images
| 30 June, 2018, 15:55

"Thanks to each of you who shared your unbelievable journey to (and through) parenthood with us, and to every grandparent, aunt, uncle, brother and sister who's built a couch-cushion rocket ship, made up a hero adventure, or invented something goeey".

"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.

Not only will Toys "R" Us stores be closing, but also all Babies "R" Us stores will be liquidating all sales after today.

After more than 60 years in business, the industry giant is the latest casualty in the ongoing demise of brick-and-mortar retail stores as more and more shoppers turn to online retailers and big-box stores like Walmart and Target that offer one-stop shopping destinations.

The company announced back in September 2017 plans to file for bankruptcy, according to the Deseret News. Party City is also opening 50 pop-up toy shops this fall.


The liquidation of the largest United States toy retailer is a blow to hundreds of toy makers that sold products at the chain, including Barbie maker Mattel Inc, board game company Hasbro Inc and other large vendors such as Lego.

And now these tragic, heart-breaking images of the chain's mascot, Geoffrey The Giraffe, surrounded by empty shelves and waving goodbye, are spreading through social media.

Toys "R" Us chief executive officer Jerry Storch has been, "working with multiple investors on a plan to reboot the retailer in the USA, according to people familiar with the situation, who asked not to be identified because the talks are private".

'It was the best job I had.

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