Following the announcement earlier this year that Toys”R”Us would be shutting down 180 stores (see HERE), news breaks today of the chain has filed for liquidation, a move that will likely lead to the closure of all its stores and sale of remaining merchandise.
According to news sources, Toys”R”Us’ main lenders “have determined that the best way to maximize their recoveries is to liquidate the existing inventory in all… 735 remaining U.S. stores and begin an orderly wind-down of the U.S. operations.”
Toys”R”Us had initially hoped to be able to keep 400 stores open, according to the court filing, but realized it didn’t have enough cash to preserve that many.
The closure of Toys”R”Us marks the sad end to an era, where brick and mortar stores specializing in one particular product have been phased out for the preference of all-in-one big box retailers and the ease of online ordering.
Music stores like Sam Goody and Tower Records, video stores such as Blockbuster, toy stores Kaybee Toys and now Toys”R”Us… all once proud cultural icons that lovingly catered to our specific shopping desires… replaced by a heartless “must have it all” retail landscape and cold “must have it now” electronic age.
Rest in peace Geoffrey giraffe.
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Andrew
:'(
And it looks like bookstores remain a target of these merciless giants as well. There are times where I truly do hate Amazon..
Mark Bass
Seriously, Toys R Us own greed and bad decisions is what tanked them.
Buying Babies R Us, opening too many stores and taking on RISKY debt. Not pricing their goods fair, poor customer service, not enough registers, 2 hour lines at Xmas.
It might have been good once, but that day is long gone.