Toys R Us to close 2 DM-area stores

26 January, 2018, 02:43 | Author: Brenda Erickson
  • Toys R Us Files For Chapter 11 Bankruptcy Protection

Just prior to the holiday shopping season of previous year, the company filed bankruptcy to restructure more than $5 billion long-term debt, which cast doubts over what would happen to more than 64,000 employees as well as 1,600 stores. Four of those locations are in Ohio, with the only Central Ohio location announced as the Babies "R" Us store located at 3610 West Dublin-Granville Rd. located in Northwest Columbus.

In a letter to customers, Toys "R" Us Chairman and Chief Executive Officer Dave Brandon said the company's focus is on reimagining the business with customers in mind.

The retailer plans to convert a number of stores into co-branded Toys "R" Us and Babies "R" Us stores.

CNN reports the decision to shut so many stores was prompted by increasing competition and a shift by customers toward online shopping, according to the company's lawyers.

However, most of the stores included are expected to end operations, as Toys "R" Us aims to restructure itself as a leaner and smarter retailer.

Toys R Us "will be taking additional steps to improve the overall customer omnichannel experience with compelling promotions, continued improvements to mobile and digital marketing and enhancements to our baby registry and loyalty programs", Teed-Murch explained. But a lot of them are expected to close.

Clearance sales will begin in February and will be over by April.

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Shoppers leave Toys R Us on Madison's Far West Side as the store prepared to open on Thanksgiving 2017.

What was once deemed the top-selling toy company in the United States, filed for bankruptcy in September in hopes to recover from its $5 billion of debt.

"While our store roster may be getting smaller, what is not changing is our desire and commitment to serving you", he said.

Gerrick Johnson, an analyst at BMO Capital Markets, had estimated that holiday sales at the company's North America stores were down more than 10 percent.

A motion filed in the U.S. Bankruptcy Court for the Eastern District of Virginia notes the management team and advisers determined up to 182 "underperforming" stores can close.

Back when the news first came out, a lot of speculation said that Toys R Us' problems are stemming from the fact that consumers are moving on to online marketing for their toys. Johnson also blamed a weak marketing campaign and e-mail promotions that didn't create a sense of urgency.

Wissink estimates that Toys R Us accounts for about 11 percent of Mattel's annual sales and about 9 percent of Hasbro's annual volume.



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