It’s the end of an era. Earlier today we reported that Toys “R” Us is officially closing all of its UK stores, eliminating around 3,000 jobs. The former retail giant declared bankruptcy last September, and it opted to close down all of its UK locations when administrators failed to find a buyer for the struggling company. As earlier rumors indicated, this mass closure of stores is now taking effect in the United States as well.
According to a report from The Wall Street Journal, Toys “R” Us CEO David Brandon informed employees today that the company intends to sell or close all of its remaining US branches (including Babies “R” Us stores) in the coming months. This news comes ahead of the company’s bankruptcy court hearing, which is scheduled for tomorrow. Toys “R” Us currently operates over 700 locations with approximately 33,000 employees.
It’s sad to see the end of a company that was a big part of so many childhood gaming memories, but that’s the way the market goes. Toys “R” Us unfortunately racked up a lot of debt, including $135 million to Mattel and $59 million to Hasbro.