Toys 'R' Us files to liquidate assets
There was the rise of big box retailers like Walmart, which now dwarfs Toys "R" Us in total toy sales.
Erin Finney of Langhorne, Pennsylvania, was at her local Toys R Us with her two of her three sons, ages 2 and 4.
Additionally, Walmart and Amazon have more diverse product offerings, allowing them to cut prices on items including toys while making up for the losses with revenue from other unrelated products and services.
Toys R Us said it notified its roughly 33,000 USA employees Wednesday of plans to shut down stores.
There's no official date on when Toys "R" Us closes.
The turnaround didn't work. In January, it announced it would close 170 stores with clearance sales ongoing now.
And in this case, KKR and Bain left Toys "R" Us with billions of dollars of debt, and $400 million per year in repayments. It earned just $81 million in pre-tax profit in the fourth quarter, $250 million below the company's target and a quarter of what it earned a year earlier.
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A spokesperson for Toys "R" Us declined to comment.
"I believe that all of them will live to regret what is happening to our company", he said. In the United States, the company told employees closures would likely occur over time, and not all at once, according to the source, who spoke on the condition of anonymity because they were not authorized to discuss internal deliberations.
The struggling company declared bankruptcy in September.
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.
According to the statement, liquidation sales will take place over the next few months as the company begins clearing shelves at both Toys R Us and Babies R Us stores. As a result, Toys R Us is closing all of its United Kingdom stores, which will affect the company's 3,000 employees in the region, according to CNN. If you have gift cards to the toy retail giant laying around, you might be wondering what to do with them.
"That's terrible news, but that's the way it is", Brandon said on the call. However, the company is still searching for buyers of stores in Canada, Central Europe, and Asia. He eventually added toys to encourage parents to keep coming back before opening his first toys-only shop - Toys R Us, with the backwards "R" logo to mimic a child's writing. The company's Asian business is reportedly the most profitable, and will continue to operate. It is now based in Wayne, New Jersey. "But certainly as it shrinks, they won't have the buying clout that they used to have, and eventually their price competitiveness erodes even further".
You can check out the full press release below (via Toy News International). It reported a loss of $953 million in the first nine months of a year ago alone.
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