Mattel Inc
Toys R Us executives had hoped a major restructuring of operations could keep the 70-year-old company alive but that effort was dealt a blow by poor sales during the holiday shopping season.
Toys R Us filed for chapter 11 bankruptcy back in September, hoping to restructure the company and come back stronger than ever, but now according to multiple reports, the company is filing for Chapter 7 bankruptcy - liquidation. Fifteen locations in NY were on the list of planned closures, including a Babies R Us in Latham and a Toys R Us in Glens Falls, which were to start in February and continue through mid-April.
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The company also operates a Toys R Us and Babies R Us store across from Colonie Center and a Toys R Us store in Clifton Park that were not included on the list of closures but would be affected by the retailer's liquidation. Sources familiar with the matter told the Wall Street Journal that a plan to shut down the stores is one of a few options being considered, but some lenders want to find a way for Toys R Us to continue operating. Payless ShoeSource, JC Penny, Macy's, and Radio Shack all had to close down several locations previous year.
Toys R Us now has about 800 stores in the United States. That could spell the end of Toys R Us as we know it.
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