Toys R Us exit to have widespread impact on jobs, toy makers

The Toys R Us store at Oldbury. All the shops are expected to close over the next six weeks

While it was the go-to resource for toys in its heyday, with a selection of toys that couldn't be found anywhere else, the store battled image issues as some of its Toys R Us locations appeared outdated, unkempt and hard to navigate. For half a century, Geoffrey the mascot giraffe invited children to its giant playhouses. I want to thank our extraordinary team members who helped build Toys " R " Us into a global brand.

Mattel, best known for its Barbie and American Girl line of dolls, also cited the Toys "R" Us bankruptcy as contributing to its 17 percent decrease in North American sales in 2017 compared to 2016.

At one time the toy retailer thought it would be able to keep 400 stores open, but later realized it did not have enough money to do so. And then the emergence of Amazon sped its demise.

Now that Toys "R" Us is closing all its United States stores as well as its stores in the UK, specialty toy retailers are pretty much extinct.

The chain filed for Chapter 11 bankruptcy protection last fall, saddled with $5 billion in debt that hurt its attempts to compete as shoppers moved to Amazon and huge chains like Walmart.

The turnaround didn't work. With the US division's recent statement that all stores will close, up to 33,000 jobs will be affected.

Toys R Us said it's planning to sell or close all of its USA stores, including Babies R Us locations. The company says it was burning through $50 million to $100 million in cash a month as it struggled to pay back billions in debt.

There is a Toys R Us in Chico, on East 20th Street.

A retailer in California is now bidding on the Canadian branch of Toys R Us, with the potential sale marking a huge step in the right direction for keeping the Canadian stores open and keeping the current staff employed. "All of these assets are available". The company has filed store closure notices that require a 60-day wait before it can shut them down. Other chains, seeing that Toys R Us was vulnerable, got more aggressive.

Brandon said in a filing last fall that the bankruptcy process would allow it to invest $65 million in its stores.

The Canadian business says it remains committed to serving its customers at its 82 stores across Canada, which remain open for business.

The filing included bidding procedures for its Canadian operations, which Toys "R" Us is looking to unload in addition to its operations in Asia and Central Europe, including Germany, Austria and Switzerland.

Toys "R" Us hopes to sell its much stronger Canadian business and run the company from that country.

The Wayne, New Jersey-based company declined to comment. But that's far from certain.

Toys R Us has other five stores in Dauphin, Lancaster and York counties, including a joint store in West Manchester Township.

Nine-year-old Caileigh Lambou is a Barbie fan. Sales during the recent holiday period, which the company has yet to report, are believed to have been very bad.

But Toys R U's biggest albatross was its massive debt load since private-equity firms Bain Capital, KKR & Co. and Vornado Realty Trust took it private in a $6.6 billion leveraged buyout in 2005.

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