Toys 'R' Us planning to close all 735 stores nationwide
16 March, 2018, 01:41 | Author: Regina Lloyd
It is now based in Wayne, New Jersey. The iconic 70-year-old toy store is liquidating all inventory in more than 800 stores. With such debt levels, Toys R Us did not have the financial flexibility to invest in its business. The debt-saddled company expects the liquidation of 740 stores in the United States to be completed in the coming months.
"The Toys R Us name is not going away - that's the part of the business that has value", said Friedman of Debtwire. The company is already closing its businesses in the United Kingdom.
Toys R Us said in its liquidation filing that those price cuts were a big reason behind its weak holiday sales. That's a problem because Toys "R" Us is already burning almost $100 million per month.
Q: What happens to my gift cards?
U.S. Senator Chuck Schumer urged the retailer to pay out all unused gift cards with cash amid concerns the cards could become worthless if Toys "R" Us shuts down.
But Suzanne Mulvee, director of research for CoStar, a real estate research firm, says that 51 percent, or 450 Toys R Us's stores are in shopping centers considered low-quality.
The company held out slim hope of selling its Canadian operations, possibly combined with up to 200 of the top-performing US stores, which the filing did not identify.
The sales during the recent holiday period are believed to be very bad.
"They're working on a very tight timetable", said Eric Snyder, chairman of the bankruptcy department at Wilk Auslander, a NY law firm. Other chains, seeing that Toys R Us was vulnerable, got more aggressive. This comes after the company filed for bankruptcy six months ago.
"Walmart doesn't have it. Target doesn't have it".
But Toys R Us CEO David Brandon told corporate staff in a speech at company headquarters that it will maintain the Babies R Us registry and the web stores for the time being in hopes someone might want to buy that asset, a recording reviewed by The Record in Bergen County, N.J., revealed.
One of the country's most well-known store chains is closing its doors.
The company was taken over by private equity giants KKR, Bain Capital and real estate investment company Vornado in 2005.
The Canadian arm of the company, however, announced that it planned to stay open.
Toys R Us was also hurt by the shift to mobile devices taking up more play time.
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