Bankruptcy: Toys R Us Is Closing Down Over 180 Stores in the United States
Toys “R” Us Inc announced on Tuesday that it will shut down one-fifth of its stores all over the United States within the next few months.
The toy giant is experiencing one of the largest ever liquidation by a specialty retailer due to competitors like Amazon, Walmart and Target, and is doing this in an attempt to emerge and break free from bankruptcy. Just like a Phoenix, rising from the ashes, hopefully.
In a letter posted on their website, Chief Executive David Brandon said that the closure will begin in early February and continue until mid-April.
The company which also operates the infant- and toddler-focused Babies “R” Us chain, filed for bankruptcy protection just before the 2017 holiday season in the United States and Canada to restructure $5 billion of long-term debt.
The company says it plans to remodel stores over the next few years and hire staffs with more experience.
Bankruptcy is a b*tch. We hope they make it. Tell us your thoughts down below in the comments section