March 23, 2018

Toys 'R' Us Considering Closing All Of Its US Stores Amid Bankruptcy

10 March 2018, 06:13 | Rodolfo Wallace

Toys 'R' Us Considers Closing All of Its US Stores

Bankrupt Toys R Us may sell assets and close all U.S. stores

The toy chain secured a $3.1 billion loan to keep stores afloat during the holidays, but sales results were worse than expected. Meanwhile, there is talk of selling Toys "R" Us' Asian business, despite it being the company's most profitable area.

Toys "R" Us is reportedly closing all its USA stores next week after the bankrupt company was not able to find a buyer, according to Bloomberg News.

Drowning in debt, Toys "R" Us failed to invest in e-commerce and new initiatives that would have helped it remain competitive against Amazon and other rivals.

While Toys "R" Us isn't out of the game just yet, the effects of its bankruptcy proceedings are already starting to show themselves.

If Toys "R" Us is unable to fashion a last-minute miracle, the end of its 70-year run would be the latest blow to the reeling retail industry.

LeBron James' free agent list down to four teams
James is already within 3,500 minutes - or one regular season, plus another Finals run - of four of the six players. Larry Nance Jr .is the third double-digit scorer and George Hill is dishing 3.2 assists.

Clock running in Florida on plan to end seasonal time changes
In a statement, the government said "we have heard from many people on both sides of the issue". Debate, however, continues over the pros and cons of the time change.

Mumbai blasts: Dawood aide Farooq Takla's arrest big catch for India
Following Takla's arrest, Subramaniam Swamy took Twitter to congratulate National Security Advisor Ajit Doval for the success. Later a party was held in Dubai which was attended by Dawood' s relatives and family members of Taqla as well.

"It's like nostalgia. I mean, everybody's gone to Toys "R" Us since they were a kid", Kayla Pitzer said as she shopped with her son.

It is thought Moorfields will begin with the closure of at least 26 loss-making stores earmarked late past year, when Toys R Us pushed through a restructuring before its demise.

In filing for bankruptcy last September, Toys R Us cited a heavy long-term debt load of more than $5 billion.

Word that Toys "R" Us could liquidate all its U.S. holdings sent toy manufacturer stocks tumbling on Thursday. Mattel's shares fell 6% to $14.96, while Hasbro shares lowered around 3% to $90.75. "It's going to be harder for new items to break out".

Sales numbers did not reach the levels Toys R Us told lenders they would reach.

Other News

Trending Now

Local cheer teams exposed to mumps at national competition
Anyone diagnosed with mumps or suspected of having the virus is advised to stay home for five days after swollen glands appear. It typically takes about 14 to 18 days after exposure for symptoms to appear, but it can take as long as 25 days.

Student arrested after threat against La Jolla High
However, one classroom went on lockdown after finding a note written in Spanish suggesting someone had a gun in the classroom. CPD will remain at Fort Hill throughout the rest of the day as part of their ongoing investigation into this incident.

Wagamama fined for failing to pay the minimum wage
A Wagamama statement said the company has always paid minimum wage and makes sure that staff receive 100 per cent of their tips. The government has also committed 35 million US dollars for minimum wage enforcement in 2017 to 2018.

TCU Forces Overtime With Buzzer Beater vs. Kansas State
With 5:28 remaining, Wade got the scoring streak started with a 3-pointer assisted by redshirt freshman guard Cartier Diarra. Arizona State won its first 12 games and was ranked third in late December, matching its highest ranking in school history.

USA senators ask vote machine vendors about Russian access to source code
Treasury to announce sanctions against 13 Russians accused by Special Counsel Robert Mueller of interference in the 2016 election. Coats said that as soon as next week, he expects the U.S.

Lawyers for Powerball victor to claim $559M prize
Meanwhile this week, U.S. news outlets reported on "Jane Doe", the victor of the largest Powerball jackpot in history. Under New Hampshire law, a lottery winner's name, town and prize amount become public information.

Second Nor'easter hits the East Coast, homes without power
Officials advised homeowners to be careful while shoveling, saying the weight of it has been known cause heart attacks. By late morning, heavy snow was blanketing eastern Pennsylvania, and driving became treacherous on some highways.

Pharma Bro Martin Shkreli Just Copped Seven Years Behind Bars For Fraud
At the sentencing, Shkreli was seen crying amidst the deliberations, according to The Associated Press . Several years ago, as Shkreli gained notoriety, the two men stopped talking to each other.

Super Smash Bros. Details Coming Soon, Masahiro Sakurai Confirms
Still, none of these titles for Switch matched the hype Super Smash Bros has had within hours of its announcement. In a quick turn of events, a fiery Smash logo appears.

Six Nations 2018: Ireland's Furlong and Ringrose to start against Scotland
Quick-witted 23-year-old Ringrose therefore becomes the third man to wear Ireland's 13 shirt in this year's Six Nations . All the pieces matter (Jack O'Donoghue and Fergus McFadden will warm-up with the squad in case of a late injury).