Toys 'R' Us Will Close Nearly 200 Stores Across the US
- Author: Fernando Stephens Jan 27, 2018,
Jan 27, 2018, 16:44
Toys R Us reigned supreme in the 1980s and early 1990s, when it was one of the first of the "category killers"- a store totally devoted to one thing: toys.
"As a teacher, as a parent, any resources that I need, I can find online", she added.
The company hasn't said if the Lincoln store will be one of those locations.
Toys R Us news comes two weeks after Wal-Mart subsidiary Sam's Club announced that it would close its Fern Park store on January 26.
The company is also asking the court to be able to pay stay bonuses to employees during the closings.
Remaining open will be Toys R Us stores in Bethel Park, Cranberry, Greensburg, Monroeville and Robinson. Those whose stores are closing will be either moved to another store or given severance packages, the company said.
"The reinvention of our brands requires that we make tough decisions about our priorities and focus", said Toys "R" Us Chairman/CEO David Brandon.
He acknowledged some missteps in the crucial holiday shopping season. The store closures are a necessary part of its plan to rebound from its financial woes and to rebrand itself as a smaller and more strategic retailer.
Many retailers have closed thousands of stores since 2017.
In 2016, the company signed a three-year deal to give American Girl anywhere from 300 square feet to 700 square feet in almost 100 Toys R Us stores across the country, including the one at West Towne Mall, which will remain open.
Toys "R" Us was purchased for $6.6 billion in 2005 by KKR, Bain Capital and Vornado Realty Trust. The plan was to take the company public again, but weak sales prevented that from happening.
Meanwhile, other stores such as Target have been increasing their assortment of toys.
Hopefully Toys R Us finds a way to adapt better soon.
Toys R Us - which is $5 billion in debt, according to the Associated Press - has announced it is closing 180 stores nationwide, including 11 stores here in Florida.
Industry analysts said around 180 of the company's 900 locations in the US will be shuttered. At some other locations, the retailer is combining its Toys R Us and Babies R Us stores.