Slideshow: The death of the big toy store

17 March, 2018, 00:54 | Author: Terri Saunders
  • Toys R Us to close all 800 of its US stores

It said 40 percent of the toy sales up for grabs would flow to Amazon and 30 percent to Walmart Inc.

"I'm sad for the toy industry".

KB Toys, founded in 1922, went out of business in 2009. Toys "R" Us employs 3,200 people at 100 stores in Britain.

Winding down its USA business will mean closing 31 IL stores, almost spanning the length of the state from Gurnee to Marion, leaving almost 1.3 million square feet of retail space to fill. The company told employees Wednesday that it would close or sell its United States stores after 70 years in business.

Nicole Hayes, a spokeswoman for Toys R Us, confirmed a USA Today report that the cards will continue to be accepted for the next 30 days. A year ago toymakers Mattel and Hasbro each sold about $1 billion worth of their toys at Walmart, more than twice as much as what they sold through Toys "R" Us. However, Raina believes other stores, like Walmart, will not have the space to carry the extensive in-store inventory that Toys R Us now has.

If the chain's stores are ultimately liquidated, it is expected that most locations would be closed by the end of the year. Thankfully, it looks like the Canadian division of the famous toy chain will remain open for the foreseeable future.

Q: What happens to my gift cards? He remembers when Toys R Us came to town, leading to the closure of locally owned, Arthur's Toys.

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Toys R Us, based in Wayne, New Jersey, has been struggling for years to pay down billions of dollars in debt as competitors like Amazon, Walmart and Target win over an increasingly larger piece of the toy market.

The court filing states Toys R Us is also hoping to sell off its Canadian operations in a deal that could include up to 200 of the company's USA locations.

But even struggling retailer JCPenney is making a bigger bet on toys lately, opening up specialty shops previous year for toys made by Hasbro, Mattel, Lego and other leading brands. But the likely liquidation will have a bigger impact on smaller toy makers that rely more on the chain for sales.

Brandon said Toys R Us will try to bundle its Canadian business, with about 200 stores, and find a buyer.

"It does feel like a bit of Americana is being lost, the idea of this emporium of toys, a place that fulfills the physical manifestation of a child's imagination", said Wissink, the analyst at Jeffries.

The once larger than life superstore now has 735 stores remaining in the United States, 400 of which were planning to be kept open according to a court filing.

In other words, the company's biggest problem was their billions in debt that stopped them from updating stores and paying enough for employees, both to hire enough of them to make customers happy and to pay enough to keep good employees. 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.

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