Toys "R" Us was bought out in 2005.
On Wednesday, Toys R Us officially announced that it would close 100 of its United Kingdom stores.
The toy retailer told employees this week it plans to liquidate all operations as part of a wind-down process, which could affect as many as 33,000 jobs nationwide, the Washington Post reported Wednesday.
Though it is somewhat unusual for a retailer to file for bankruptcy in the heart of the winter holiday shopping season, the accessories chain Charming Charlie did just that in early December 2017.
The Toys "R" Us liquidation would be the largest layoff in the retail industry since at least 2015, according to outplacement firm, Challenger, Grey & Christmas. A Toys R Us remains in South Portland.
Toys "R" Us' worldwide businesses, which have operations in 38 countries, aren't covered by the filing, a person close to the situation said. But what that does mean is that the country will soon be littered with giant, vacant, blue and yellow Toys "R" Us superstores to remind us all of the emptiness of consumerism. "It's a big deal and I'm going to try to salvage as much of it as possible".
Toys "R" Us, which is seven decades old, filed for bankruptcy protection in September. But it began to falter as retailers like Walmart and Target began to move more aggressively onto its turf, offering toys, typically at lower prices to woo shoppers who might then fill their carts with their other, higher priced products. Its bankruptcy filing a year ago cited $7.9 billion in debt against $6.6 billion in assets.
The company broke the news to staff yesterday, before letting go of all 67 employees at its head office in Maidenhead.
The toy chain appointed Moorfields Advisory to oversee an administration at the end of February. Those with gift cards they have yet to exchange will now no longer be able to do so after the deadline passed last weekend.
Now, the iconic retailer is all but certain to close up shop. "Consumers could be left in the lurch". The collapse will put more than 3,000 people out of work as a dismal period for the retail sector continues. "Even during recent store closeouts, Toys R Us failed to create any sense of excitement".