Toys 'R' Us to close all remaining U.S. stores, report says

Toys R Us in Oldbury West Midlands is still open although the staff do not know when it will close

Toys R Us in Oldbury West Midlands is still open although the staff do not know when it will close

Toys "R" Us telling employees Wednesday that it will likely sell or close all its USA stores, according to The Wall Street Journal.

KLFY spoke to an employee at the Lafayette Toys "R" Us store who confirmed the call.

On top of that, the retailer struggled to match competitors such as Amazon, who became significant players in the toy market as more and more sales moved online.

But now more than 100 stores across the United Kingdom are expected to close in the next six weeks - meaning the loss of 3,000 jobs.

Toys "R" Us was bought out in 2005. And children are playing differently than they used to decades ago. The executive went on to stress that the brand will surely be missed by vendors and devoted customers, saying they "will all live to regret what's happening here".

Wissink also points out that the toy business is seasonal - three-quarters of sales take place during the holidays.

Toys R Us got its start as a baby furniture shop in Washington's Adams Morgan neighborhood in 1948.

TOYS R BUST When is the Toys R Us closing down sale and which stores are closing? The collapse will put more than 3,000 people out of work as a dismal period for the retail sector continues.

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Toy manufacturers and lenders who were owed money by Toys R Us, and landlords who owned store properties, backed almost every request Toys R Us made as it attempted to reorganize. "I'm a little shocked and surprised", said Rebecca Miller.

Eunice Turner came to the store to buy in-line skates for her daughter. A Toys R Us remains in South Portland. "This is just meant for kids". The company has struggled to pay down almost $8 billion in debt - much of it dating back to a 2005 leveraged buyout - and has had trouble finding a buyer.

Toys "R" Us hasn't made a full-year profit since 2012 and has lost $2.5 billion since then.

The once-popular toy store - which also sells video games and consoles - used to be one of the biggest names in the retail space, but has stumbled in recent times due to the rise of online stores like Amazon.

The news comes almost 6-months after the retailer filed for bankruptcy in September of 2017, as it struggled to pay down almost $b billion in debt.

In January, it announced it was closing 180 additional stores on top of a series of shutdowns that took place a year ago.

According to the Wall Street Journal, the company's CEO notified employees of the closures. "Mattel is owed more than $135 million, while Hasbro is owed $59 million, according to court papers".

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