Published: Wed, March 14, 2018
Business | By Max Garcia

Toys R Us is going out of business, closing all stores

Toys R Us is going out of business, closing all stores

Toys R Us filed for bankruptcy in September.

And a couple of companies, like Kohl's and J.C. Penney, have reportedly been expanding their toy departments as more Toys R Us stores close. The announcement is expected to happen this week, when the retailer is scheduled to appear in court for a bankruptcy hearing, the Wall Street Journal reported. At stores that have announced that they are closing there are deep discounts, but shoppers said there are also restrictions. Now the company is preparing to liquidate its bankrupt United States division, and though a rescue operation could still come through, it's looking more than likely that the retailer will have to close all of its doors very soon. Fifteen locations in NY were on the list of planned closures, including a Babies R Us in Latham and a Toys R Us in Glens Falls, which were to start in February and continue through mid-April. Auto seats and strollers are marked down by around 20 percent, while toys are marked down as much as 50 percent.

Earlier in 2018, the company announced it would close about 180 stores as part of its bankruptcy restructuring, which included Babies R Us stores.

A survey of about 850 independent retailers by the firm Advocates for Independent Business found that small retailers believe their "smaller size and greater understanding of their local markets" makes them more nimble than chains like Toys R Us and better at responding to shifts in the retail industry. Unfortunately the axe has dropped quickly in the past week and now it looks grim for the beloved toy store that we all grew up with.

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