16 March, 2018
Toys "R" Us bought FAO Schwarz in 2009 but it was later sold to consumer products company ThreeSixtyGroup in 2016. Toys R Us, which relied exclusively on toys, could not compete, the filing adds.
Toys R Us is seeking bankruptcy court approval to shut down its hundreds of remaining stores in the USA and Puerto Rico following dismal sales during the crucial holiday shopping season.
On Wednesday, the company announced that it will close or sell all of its 800 toy stores in the United States.
But not everyone agrees that Toys R Us' debt load led directly to its demise.
But even struggling retailer JCPenney is making a bigger bet on toys lately, opening up specialty shops previous year for toys made by Hasbro, Mattel, Lego and other leading brands.
Toys R Us says it will honor existing gift cards, as well as its Rewards dollars and Endless Earnings, for another 30 days.
There's a Nintendo Direct Coming Tomorrow
And, while you're at, why not share your top ten Nintendo Switch games below and get the conversation going. The presentation will begin at 00h00 AM, which is still technically March 8.
More: Toys R Us: Does 'Everything must go!' always signal huge bargains? But after 70 years in business, Toys "R" Us is officially shuttering.
Given the chain's issues, the closings aren't a shock to landlords, and they've already been trying to line up possible tenants to replace Toys R Us over the past few months, said Katy Welsh, a senior vice president at the southern Florida division of the commercial real estate brokerage firm Colliers International. "Even during recent store closeouts, Toys R Us failed to create any sense of excitement".
Not all stores may have going-out-of-business sales right away. And Sharper Image, which also shut its stores, now sells gadgets online and opened a NY pop-up shop during the holidays past year.
Perhaps. This father of two young boys can tell you from firsthand experience that it's still a lot of fun to shop - and take the kids - to smaller neighborhood toy stores.even if the prices aren't as low as Amazon's or Walmart's.
Toys R Us had dominated the toy store business in the 1980s and early 1990s, when it was one of the first of the "category killers"- a store totally devoted to one thing.
According to a report from The Record in Bergen County, N.J., the websites, including Babies R Us registries, will stay up and operating for now in the hopes that someone will buy them. Toys R Us blamed its "old technology" for not offering its own subscriptions. The company said it also couldn't compete with its rivals' online pricing and shipping offers. It added demonstrators for the holiday season to show people how toys work, and began opening Play Labs at 42 stores, areas where children can play with different items. It has announced plans to open a chain of airport shops in the US and Canada, and plans to open a new 20,000-square-foot store in New York's Rockefeller Plaza in time for the holiday 2018 season.