Toys "R" Us May Liquidate Bankrupt US Stores

Toys 'R' Us Considers Closing All of Its US Stores

Toys 'R' Us Considers Closing All of Its US Stores

The toy chain filed bankruptcy in September and hasn't found a buyer or reached a debt restructuring deal with lenders, reports said.

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. It's not yet clear what will happen to the Canadian unit, which filed at the same time as the USA division. The report cites anonymous sources close to the company.

As a result of the liquidation, Toys R Us could close all of its 880 stores in the USA and lay off thousands of workers. The retailer has been struggling to reorganize and balance massive debt.

For now, the liquidation will be a big blow for the toy industry, as the chain makes up about 15 percent of USA toy revenue.

Toys R Us is expected to start closing stores and making staff redundant as early as next week, as hopes of finding a buyer for the ailing retailer fade. The liquidation would hurt more than just Toys "R" Us.

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Toys "R" Us files for bankruptcy late Tuesday night.

Inside a Toys R Us store. Bigger competitors like Walmart and Target would typically take a more cautious approach.

If you're planning on spending, then now is the best time as the retailer is slashing it's prices in a bid to get rid of stock as stores close down. Company officials later said the Summit location would remain open. The toy business was large enough that he was able to compete with department stores that had toy sections. Sales were on the rise in the 1990s, but in recent years, more consumers turned to online shopping which impacted sales.

"The worst case scenario is that about 10 percent of the sales of each of the toy companies goes away in 2018, with an associated roughly 10 percent hit to earnings", D.A. Davidson analyst Linda Weiser said.

Steven Church and Laura J. Keller contributed.

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