Toys R Us to close or sell all stores

Toys R Us collapses

Toys R Us is planning to sell or close all 800 of its USA stores, affecting as many as 33,000 jobs as the company winds down its operations after six decades, according to a source familiar with the matter.

One Toys R Us employee in Hawaii who declined to give her name said this afternoon that workers hadn't receive any official word from the corporate offices of the reported pending store closures.

When Toys R Us declared bankruptcy in September, the company said it would keep its stores open while it tried to regain financial footing.

The struggling retailer, headquartered in Wayne, New Jersey confirmed Wednesday afternoon, that it will sell or close down its almost 800 stores in the United States.

Given the chain's issues, the closings aren't a shock to landlords, and they've already been trying to line up possible tenants to replace Toys R Us over the past few months, said Katy Welsh, a senior vice president at the southern Florida division of the commercial real estate brokerage firm Colliers International. But what that does mean is that the country will soon be littered with giant, vacant, blue and yellow Toys "R" Us superstores to remind us all of the emptiness of consumerism.

Rumors that Toys "R" Us would close it stores surfaced last week after they could not find a buyer.

They will be followed by shops at the Birchley Island in Oldbury, the Merry Hill Centre and at Stafford's Queens Retail Park - opened only a year ago - over the next six weeks. A spokeswoman for Toys R Us told The Record that Brandon told employees it was a sad day and that customers and others would be sad to see the brand disappear.

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Toys R Us says it's business as usual at its Canadian stores, even as it announced it would close the retailer's remaining United Kingdom locations.

Toys "R" Us' origins date back to Children's Bargain Town, a baby-furniture store founded by Charles Lazarus in Washington in 1948.

The toy chain appointed Moorfields Advisory to oversee an administration at the end of February.

Why is Toys R Us closing in the UK?

Two Toys R Us stores in Alabama were originally set to close, which included the Summit location.

It seems like half the shops we remember from when we were kids have gone. "As the competitive dynamics of the toy market intensified, management failed to respond and evolve". He also urged the Federal Trade Commission to "take an immediate look" at how Toys R Us is handling the winding down of its operations.

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