Thursday, 13 December, 2018

Toys R Us to announce closure of stores nationwide, according to report

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Laurie Berry | 14 March, 2018, 14:34

Toys "R" Us Inc. has missed payments to some suppliers in recent days as the USA division heads toward a likely liquidation, according to people with knowledge of the situation.

"From product expertise to in-store events, independent retailers are connected to their customers and their community in ways unmatched by online or mass market", said Kimberly Mosley, President of the American Specialty Toy Retailing Association, in a news release about the survey.

Toys R Us has not spoken publicly about closing all its USA stores, and a spokeswoman declined to comment on that possibility. The announcement is expected to happen this week, when the retailer is scheduled to appear in court for a bankruptcy hearing, the Wall Street Journal reported. Some of the people said they can't get anyone at Toys "R" Us to respond to questions. At stores that have announced that they are closing there are deep discounts, but shoppers said there are also restrictions.

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The Latham store will close by the end of the month and has launched a closing sale, an employee at the store said.

The company also operates a Toys R Us and Babies R Us store across from Colonie Center and a Toys R Us store in Clifton Park that were not included on the list of closures but would be affected by the retailer's liquidation. Their shares dropped last Friday after Bloomberg announced the possible Toys R Us liquidation and lost ground again after word of the missing vendor payments. Its scale gave it leverage with toy sellers and it disrupted general merchandise stores and mom-and-pop shops.

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