The Washington Post has reported that Toys R Us will be closing or selling all of its over 800 remaining U.S. stores. As The Verge notes, the closing of the major toy retailer signals the “end of an era.”
The Verge reports: The news was apparently announced to workers today by CEO David Brandon ahead of a bankruptcy court hearing on March 15th.
In a later conference call with staff, Brandon apparently pinned the blame on vendors and customers who failed to support Toys R Us during the holiday season — typically the busiest and most lucrative time of year for the company — ominously intoning that they “will all live to regret what’s happening here.”
It’s not only US stores that are likely to be affected — stores in France, Spain, Poland and Australia will likely be liquidated, while the company is still looking to sell Toys R Us stores in Canada, Central Europe and Asia (assuming it can find a buyer.)
Toys R Us filed for bankruptcy last September, claiming over $5 billion in debt. A dismal holiday season did not help matters, as the store fell short of its usual $600 million annual earnings by more than half. Brandon said of the shortage it was “no short of devastating.”
— The Hill (@thehill) March 14, 2018
Toys “R” Us is closing up shop in the U.S. Once one of the world’s leading toy retailers, it struggled to keep up with Amazon and Walmart. https://t.co/8pYRuKOIgc
— The New York Times (@nytimes) March 14, 2018
— Los Angeles Times (@latimes) March 14, 2018
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