The Spur

Toys R Us announces bankruptcy

Advertisement

Hang on for a minute...we're trying to find some more stories you might like.


Email This Story






Ever since I could remember Toys R Us was a treat to every kid in the world and was in many ways the best toy store ever. But, with raising the minimum wage comes raising taxes. Which leads to rising prices for products/materials and following that leads to more online shopping for a cheaper product that you are guaranteed to have in 3-5 business days. Some big retail stores like Walmart, Target, and Hyvee, can keep up with these demands but, unfortunately, some can’t keep up any more.

Toy R Us filed for bankruptcy on September 19, 2017. In Toys R Us notice facility closing it stated, “Through the Process, the company sought to develop a durable, compelling business plan that would help it emerge successfully from bankruptcy. Unfortunately, a disappointing holiday sales season in both U.S and Europe, coupled with Financial requirements set forth in the Company’s debtor-in-possession (DIP) financial agreements, presented challenges that the company could not overcome. Accordingly, the company is now moving forward to liquidate all of its U.S. operations and close of its retail locations in the U.S.”

That information is followed by saying, “the company intends that all employees receive all earned wages and benefits to which is entitled. However, due to the company’s financial condition, all company severance plans have been terminated.”

Earlier last week Toys R Us shut down its website, leaving a message that reads, “we have shut down the website for any purchases but our brick and mortar stores are open and holding going out of business sales. We encourage you to stop by your local store and take full advantage of the deep discounts and deals available. Thank you for your business and support over the years.”

Truly it is the end of the loveable giraffe Geoffrey and his toy land. May we always remember “to be a Toys R Us kid.”

Print Friendly, PDF & Email

Your University, Your News, Your Life
Toys R Us announces bankruptcy