Saturday, 17 November, 2018

Closing Time Looms for All Toys R Us Stores

Closing Time Looms for All Toys R Us Stores Closing Time Looms for All Toys R Us Stores
Russell Knight | 14 March, 2018, 05:12

In January, stores in Cherry Hill, New Jersey and Exton, Pennsylvania became a part of a growing list slated to close after the retailer entered bankruptcy previous year.

Toys R Us has missed payments to some suppliers in recent days as its USA division heads toward a likely liquidation, according to people with knowledge of the situation.

The retailer is expected to announce this week that it's liquidating its entire us operation, going out of business, and closing all of its 620 remaining stores.

The rumors of liquidation are still unconfirmed but anonymous sources have given confirmation to several news organizations like USA Today, and The Wall Street Journal.

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Toys "R" Us also announced in February that it would also close locations in Dedham, Millbury, Bellingham, Northborough and Framingham. A representative for Wayne, New Jersey-based Toys R Us declined to comment. Payless ShoeSource, JC Penny, Macy's, and Radio Shack all had to close down several locations past year. In a tweet last week, Toys R' Us said they've seen an unbelievable outpouring of love and they are still open for business. CNNMoney reports toymakers Hasbro, Mattel, and Jakks Pacific all saw their shares of their stock fall after news broke of the bankruptcy - and it comes at a bad time for the toy industry.

That debt became impossible for Toys "R" Us to manage as consumer spending shifted to online retailers like Amazon and to big box department stores like Target and Walmart.

"To our loyal customers: We've seen an awesome outpouring of love and support in recent days and we truly appreciate it", the company tweeted Friday.

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