Toys 'R' Us considers closing all USA stores

Toys 'R' Us considers closing all USA stores

Toys "R" Us may be planning to liquidate its bankrupt USA stores, according to a report by Bloomberg News. This means a shutdown of the company's US division could happen within days.

In September, Toys " R " Us Inc. filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia.

It's business as usual at Toys R Us Canada, the company says, even as reports claim the toy retailer's American counterpart will soon liquidate its USA operations.

Last fall, Toys "R" Us filed for bankruptcy, becoming another casualty in online retailers' prolonged assault on brick-and-mortar stores. Fortune also reports that the global branches are having just as many problems, with the company's only successful branch - Asia - in talks to be offloaded. For a decade, the retailer was able to refinance its debt, but the emergence of online competitors such as Amazon and Walmart weighed on bottom line results.

Toys R Us and Geoffrey the Giraffe could be headed towards the end.

More news: Warner, de Kock charged over Durban stoush

The toy retailing giant appears to be running out of time, and money - pushing closer to having to close the doors of the entire chain.

According to one of the published reports, the Toys R Us U.S. division had entered into Chapter 11 bankruptcy protection during September of past year, but had obtained a loan of more than $3.1 billion to keep its stores open during its attempt to turn the business around with a business model that was much leaner than before. Toymakers, from large companies like Mattel to small companies with new products, will take a hit.

Toys R Us customers are being urged to use up all the money on their gift cards this weekend or they'll risk losing money as the company begins closing down stores across the country.

The news of Toys "R" Us closing is also bad news for the toy industry in general. In the early 1990s, sales were increasing at a 10 percent annual clip.

We will keep you up to date on if the Lubbock location of Toys "R" Us closes.

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