The beloved toy store has announced that it will be closing all locations nationwide. There are currently more than 700 hundred stores across the country and earlier this year 180 of them began the liquidation process.
Last September Toys “R” Us filed for bankruptcy claiming it could no longer keep up with its $5 billion debt.
There was hope that around 200 stores could be saved as the company began to shop a plan to possible buyers. “The reinvention of our brands requires that we make tough decisions about our priorities and focus,” Chairman and Chief Executive Officer David Brandon said in a statement. “We also intend to convert a number of locations into co-branded Toys “R” Us and Babies “R” Us stores. The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company.”
Many parents are rushing to the store to take advantage of sales and to get rid of any gift cards they may have saved. Stores started closing this February and it is expected that all of the 700+ locations will be closed by mid-April.
Until that time, both Babies “R” Us and Toys “R” Us will be open for business and customers will be able to shop in-person or online. All customer programs will be honored including its loyalty program, credit and warranty, as well as baby registry discounts.
“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,” Brandon said in a statement.
Toys “R” Us is an iconic brand that will surely be missed by kids and adults alike. Who can forget Geoffrey, the brand’s friendly dinosaur? And I especially loved the great Trade In event. It will be interesting to see what (if anything) can take its place.
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