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Toys ‘R’ Us Closing 182 Stores, 27 in California
Toys ‘R’ Us plans to close as many as 182 stores, including 27 in California, as it works through Chapter 11 bankruptcy reorganization. The Wayne, NJ-based toy chain filed for bankruptcy last September under the weight of $5 billion in debt.
A company statement said, “The successful reinvention of our brands requires that we make tough decisions about our priorities and focus. The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company that will provide the level of service and experience customers should expect from a market leader.”
The stores slated for closure represent roughly 20% of its U.S. locations and includes Babies ‘R’ Us stores. The retailer said stores being closed have failed to meet “performance standards.” Closure sales will reportedly commence in February, with final closings expected by April.
Connect Media will explore the Toys ‘R’ Us closings and the state of the current retail market today at Connect Retail West, (January 25th), which is being held at Pacific City in Huntington Beach. You can still register, to hear from top players as they delve deep in to the state of retail.
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