Longtime retailer Toys R Us will be closing its remaining stores this Friday, June 29th.
— ToysRUs (@ToysRUs) June 25, 2018
Back in September 2017, Toys R Us filed for bankruptcy due to struggles in competition with heavy-heavy hitting retailers like Walmart and Amazon. The company was also “burning through its cash” and “faced $400 million in debt” that would be due in 2018.
CEO of Toys R Us Dave Brandon put out this official statement on the closings:
“There are many people and organizations who have remained in our corner every step along the way, I want to thank our extraordinary team members who helped build Toys R Us into a global brand. I also want to express my appreciation for my colleagues on our board who have continued to provide support to sustain the brand and our operations throughout the restructuring process. I would also like to thank our vendors who we owe a great deal of gratitude to for their decades of support. This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”
Surprisingly, this may not be the end of the company. According to Bloomberg, Jerry Storch (former CEO of the toy-retailer), has “been working with multiple investors on a plan to reboot the retailer in the U.S.”. This report comes from sources who wish to stay anonymous due to the fact that these meetings were meant to be private.
We’ll keep you updated on the status of Toys R Us as we get more information.
What do you think about this news? Are you surprised to see the long-time company go out of business? Let us know in the comments and be sure to follow us here at The Nerd Stash for all of your nerdy news and needs!
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