Published: Thu, March 15, 2018
Culture | By Glenn Strickland

Toys 'R' Us will likely shut all USA stores, risking 33000 jobs

Toys 'R' Us will likely shut all USA stores, risking 33000 jobs

Moorfields will begin with the closure of at least 26 loss-making stores earmarked late previous year, when Toys R Us pushed through a restructuring before its demise.

It was only months ago that the company declared bankruptcy in the United States.

-2015: Toys R Us closes its flagship store in New York's Times Square, which had a 60-foot Ferris wheel, after 14 years.

But Toys "R" Us stumbled during the key holiday season, according to reports, casting new doubts on its viability. Increased competition from discount department stores like Target and Wal-Mart, as well as Amazon and other online retailers, have also hurt it significantly over the last few decades. Brandon blamed the retailer's vendors for failing to do enough to help it, though he didn't specifically name them on the call.

The US parent company filed for bankruptcy in September.

If Toys "R" Us wants to honor gift cards after the bankruptcy filing is complete, it should ask the bankruptcy court to prioritize customers.

Solar Summit begins at Rashtrapathi Bhaban in India
With the formal launch of the project, India has plans to generate 1000, GW of solar energy and raise 1 trillion dollars by 2030. The initiative was launched by France and India during the Climate Conference (COP21) in Paris in December 2015.

Victory for the 'Long March' as Maharashtra Concedes Farmers' Demands
Kisan Sabha leaders including Ajit Nawale expressed satisfaction over the outcome. Many Bollywood actors showed their support to the farmers.

Apple Orders "Central Park" Series By "Bob's Burgers" Creators
Bouchard, Smith, and Gad penned the project, and Bouchard and Gad will executive produce with Brillstein Entertainment Partners. The new network gave a commitment for two seasons, with a total of 26 episodes.

Toys "R" Us's impending liquidation could result in as many as 33,000 layoffs, according to the Wall Street Journal. The Elizabeth, N.J. Toys R Us store is shown in this 2017 photo.

On March 2, 2018, Moorfields Advisory, the firm in charge of the closure of the retail chain, confirmed it was commencing a nationwide closing down sale at all stores.

The company was taken over by private equity giants KKR, Bain Capital and real estate investment company Vornado in 2005. Its catchy jingle, with the refrain "I don't wanna grow up, I'm a Toys R Us kid", was a long-running television staple.

It's believed around 25 stores will be shut down tomorrow, with the remaining 75 being closed down over the next six weeks.

It is a colossal failure for a company that started out in 1948 as a small store that sold cribs, strollers and other baby items in Washington, D.C. With such debt levels, Toys R Us did not have the financial flexibility to invest in its business. It even tried to partner with Amazon to run its fledgling e-commerce operations at one point, but that move proved to be a tactical mistake, helping to turn Amazon into a fierce competitor who had learned how to beat Toys R Us by undercutting it on price. The company is widely expected to announce this week that it will close all of its U.S. stores.

Like this: