Toys ‘R’ US To Close All Stores Worldwide
Toys “R” Us is just about ready to close all of their stores worldwide. Employees are already been warned that stores will be closed soon.
The retail giant filed for chapter 11 bankruptcy in September 2017 and managed to close 20% of their stores, but things must have gotten worst. Toys “R” Us is now ready to close all of their stores and officially go out of business. The process of closing all stores may take up to 6 to 8 weeks from the middle of March 2018. This will also include closing all of their UK locations along with all of their US locations. This could put an estimated 33,000 people out of a job once all closures are final.
Toys “R” Us failed to find a buyer in time to save the retailer from doomsday essentially. Toys “R” Us had $8 billion dollars in debt dating back from 2005 and which they failed to effectively reduce their debt.
Toys “R” Us joins a growing list of physical retailers that will go out of business or struggle in the Amazon era or the online retailer’s era.