Toys 'R' Us may close USA locations

11 March, 2018, 01:37 | Author: Kim Reid
  • Toys “R” Us operated 900 stores across the U.S. and New York City’s flagship store in Manhattan closed two years ago

Toys R Us Canada says it's business as usual amid reports that the retailer's USA counterpart is preparing to liquidate operations in the United States.

The retailer has yet to find a buyer or secure a debt restructuring deal with its lenders, according to Bloomberg News.

The toy chain entered bankruptcy in September 2017 with plans to close some stores and emerge with a new business model.

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Toys R Us had already begun liquidation sales ahead of planned store closures. The company is now saddled with around $5 billion in debt, and it has found it hard to find relief.

Toys R Us has struggled as other big-box retailers such as Walmart and Target take a greater share of the toy market, and online behemoth Amazon is eating up more sales.

Moorfields said at the time of the chain's collapse it is making "every effort" to secure a buyer for all or part of the business, but sources indicated this was unlikely. CNBC reported in February that Toys R Us was at risk of breaching a covenant in its bankruptcy loan, which carried the potential to force the business to liquidate.

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Krystina McNamara looks forward to driving over an hour into Grand Rapids, to bring her daughter to Toys R Us.

Mattel Inc., which makes toys including Barbie and Hot Wheels, saw its stock fall as much as 6.1 per cent.

While the large toy manufacturers will be forced to change distribution and marketing strategies, smaller toymakers may be squeezed as Toys "R" Us represented the largest sales channel for some of the smaller firms. The company announced in January that it would close 180 of its more than 800 US stores amid its restructuring efforts. "Not just Toys R Us", he said, "but across the industry".

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