Toys R Us to close all stores, laying off more than 30000

Toys R Us to close all stores, laying off more than 30000

The toy store chain said it plans to honor gift cards for the next 30 days, including Babies R Us gifts cards.

Big-box chain Toys "R" Us, which filed for bankruptcy late past year, is planning on closing or selling all 800 of its USA stores in the coming months. "I want to thank our extraordinary team members who helped build Toys "R" Us into a global brand".

Toys R Us blamed Amazon, Walmart, and Target for creating a "perfect storm" over the holidays that sent the toy chain into a death spiral that could end in the closure of all of its U.S. stores.

An investor is looking to buy out Toys R Us and keep about 200 stores open, but the store's media and marketing representatives don't have any additional info right now.

Tom Hadley was up from West Chester but wanted to make a quick stop at Toys "R" Us for his kids.

There's no official date on when Toys "R" Us closes.

The company didn't do enough to emphasize that it was reorganizing but not going out of business, Silver said.

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But even struggling retailer JCPenney is making a bigger bet on toys lately, opening up specialty shops past year for toys made by Hasbro, Mattel, Lego and other leading brands. J.C. Penney opened toy sections last fall in all 875 stores.

Big and Small customers walked through the automatic doors at the Toys "R" Us in Dickson City.

This saddled Toys R Us with an astronomical amount of debt - over $5 billion worth - that the company hadn't shaken even a decade later.

The closing of the company's 740 US stores over the coming months will finalize the downfall of the chain that succumbed to heavy debt and relentless trends that undercut its business, from online shopping to mobile games. FAO Schwarz, which Toys R Us once owned, is opening shops inside department stores in the USA and China.

Toys R Us had dominated the toy store business in the 1980s and early 1990s, when it was one of the first of the "category killers"- a store totally devoted to one thing. The bankruptcy took a toll on the confidence shoppers and vendors had in the chain, which also said it had trouble matching competitors' prices.

Amazon is winning over people ditching stores to shop online for toys - in December 2016, 14.7% of parents with children under 9 said they went online to purchase toys, versus 7.3% in 2011, a report by Coresight Research found. Toys R Us still has hundreds of stores, and analysts estimate it still sells about 20 percent of the toys bought in the United States.

Toys R Us then launched a turnaround plan that ended with the chain seeking buyers. So landlords could struggle to replace them with tenants at similar rates - or worse, they could remain vacant, she says. She assumes that even after stores close, toysrus.com will be up and running for quite some time.

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