Monday, 20 August, 2018

Toys R' Us Considering Liquidation

BP_Toys 'R' Toys 'R' Us Considers Closing All of Its US Stores
Andrew Cummings | 11 March, 2018, 01:31

Its worsening situation, along with reports that it was considering bankruptcy, spooked vendors - with about 40 percent of them ceasing shipments and forcing the company to seek court protection.

Toys "R" Us will close all its stores in the United States after a worse than expected holiday season and the collapse of a restructuring plan, the Wall Street Journal is reporting.

Bloomberg reported on Thursday that Toys "R" Us is making preparations for a liquidation of its bankrupt USA operations.

That could mean the shutdown of its USA division, Bloomberg reports.

Two Toys R Us stores in Alabama were originally set to close, which included the Summit location. The company's huge interest payments also forced it to use resources that could have gone toward improving technology and operations.

Worryingly, the company had yet to preview or even hint at some plan to restructure the company's debt and reorganize in Chapter 11.

That became apparent on Monday when the stocks of two of the world's biggest toy makers tumbled in US trading.

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"I could see a private equity firm going in for this", said George Minakakis, principal at Toronto-based consulting firm Inception Retail Group Inc.

"Brick-and-mortar stores are just getting bludgeoned to death by e-commerce", Lopez-Castro said. With that kind of market share, Toys "R" Us should be in a comfortable position, not on the ropes.

Toys "R" Us is still the place where up-and-coming products get discovered. "Things would change without the US business to support the Canadian unit, anything from marketing costs to merchandising costs", without the economies of scale of a large bulk-buying parent Minakakis said.

Facing broader concerns about the brick-and-mortar industry, the company was finally pushed to hire debt-restructuring advisers a year ago. "You know it's a different vibe when you go inside of the store", says a father as he walked out with toys for his kids.

While last year's bankruptcy filing only applied to the company's US operations, it is struggling overseas as well.

But the toy giant isn't having much fun as of late.

A spokesperson for Toys "R" Us declined to comment on the liquidation, and the New Hartford location could not be reached for comment.

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