Economy

Toys 'R' Us may close all United States stores, according to financial reports

Toys 'R' Us may close all United States stores, according to financial reports

According to media reports, the company is preparing for a liquidation of its bankrupt USA operations after failing to find a buyer or reach a debt restructuring deal with lenders.

According to the Los Angeles Times, the company is making liquidation plans after it failed to find a buyer or agree to a debt restructuring deal with lenders.

Toys R Us dealt with almost $5 billion of debt at that time and announced plans to close over 100 stores in September.

There are two Toys "R" Us locations in Toledo, one on Monroe St. and another on Reynolds Rd.

Things are also quickly deteriorating in many overseas divisions. Its European arm is seeking takeover bids.

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Toys "R" Us was founded by Charles Lazarus in 1948. The retailer entered bankruptcy in September of 2017 and was able to get a $3.1 billion dollar loan during the restructuring stage.

According to reports from CNN and Bloomberg, Toys R Us could shut down all of its stores in the U.S. The closings present a larger problem for the toy industry as a whole as word of an impending liquidation sent stocks tumbling. That has caused numerous stores that populated numerous malls to see a drastic drop in sales, such as Toys R Us. The Canadian portion of the company filed for bankruptcy when the USA arm did. Bloomberg News says the company has been struggling with $5 billion of debt. To that end and following a top-to-bottom assessment of our business, we have made a decision to close a number of our USA stores. Babies "R" Us in the Holyoke Mall will close in April.

Up until the late 90s, Toys R Us was the top USA toy seller.

Fifteen percent of USA toy revenue.


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