‘Toys R Us’ goes out of business

JERSEY CITY, NJ — American toy retailer Toys ‘R’ Us is going out of business, marking the end of the era of giant toy stores in America.

Last year, the iconic toy store filed chapter 11 bankruptcy in the US and Canada.

After failing to find a buyer, and saddled with billions of dollars in debt, the toy store is now closing all its US stores.

Toy review website TTPM (Toys, Tots, Pets & More) says online shopping did not necessarily kill this brick and mortar store that has been struggling in debt since 2000.

“It comes down to two things, one, their debt was too big… they weren’t making up for how much money they had to pay in interest on the debt. The second thing is, they had a disaster of a Christmas this year,” said editor in chief Jim Silver.

Their online store did not help either.

“While everybody’s growing their online business, Toys R Us was down 12 percent. They performed extremely poorly online.”

Toys R Us says it would close or sell nearly 800 stores in the coming months — a blow to loyal shoppers including Filipino-Americans.

 

“Kaya kami nagpunta nga para makabili kami ng murang toys para sa mga apo namin, mga anak, ganyan dahil it naman ang Toys R Us, it o ang talagang puntahan ng mga magulang para bumili ng kanilang mag pangregalo dahil ito ang pinakamalaking store ng laruan,” said Mario Union.

About 30,000 jobs are at risk in the US.

 

In a statement, the American Specialty Toy Retailing Association, or ASTRA, said: that the closing of
Toys “R” Us is “another example of the ongoing change and evolution” of the $20.7 billion toy industry.

And with the closing of the iconic toy store, opportunities open for neighborhood toy stores.

Astra’s Store finder helps consumers discover alternative independent neighborhood toy stores that provide quality innovative and classic toys.

 

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