US toy company eyes Toys "R" Us Canada

15 March, 2018, 03:32 | Author: Terri Saunders
  • The Toys R Us store at Oldbury. All the shops are expected to close over the next six weeks

Retail giant Toys R Us is set to close ALL of its United Kingdom stores after a bid to find a buyer apparently failed.

The news comes after its parent company filed for bankruptcy protection in the USA and Canada past year with US$5bn of debt.

Simon Thomas, joint administrator and advisor at Moorfields, the company Toys "R" Us hired to find a buyer, said the retailer attracted some interest, but that nobody felt confident enough to make a formal bid.

"With Toys 'R" Us storefronts closed, toy manufacturers will either have to fight for more space at retailers like Walmart or lean more heavily on web-based stores such as Amazon.

KLFY spoke to an employee at the Lafayette Toys "R" Us store who confirmed the call. Outside the Emeryville Toys R Us and Babies R Us, the writing is on the windows - store closing signs with half off deals. Administrators have failed to find a buyer for the nation's biggest toy retailer, which employs more than 3,000 people, The Guardian reports.

The company's CEO, David Brandon, notified employees earlier in the day, according to an earlier report by The Wall Street Journal.

The toy giant has launched an up to 40 per cent off closing down sale in all stores in an attempt to shift stock, .

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-2005: The company is bought by three private equity firms and taken private.

-2017: Toys R Us files for Chapter 11 bankruptcy protection.

The company is in the midst of bankruptcy, and is facing almost $8 billion in debt dating back to 2005. They spend more time on activities and with electronic screens, she says. The times said Toys R Us controlled 13.6 percent of the toy market in the 2016. A Toys R Us remains in South Portland. Meanwhile, the chain lagged further behind in technology and online sales strategy, while missing the mark on some major investments, such as licensed Star Wars toys and Lego movies.

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

-1983: Kids R Us opens, selling children's clothing.

The company didn't do enough to emphasize that it was reorganizing but not going out of business, Silver said.



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