Liquidation sale to begin at Staten Island Toys R Us

by Ben Pena March 22, 2018, 0:56
Liquidation sale to begin at Staten Island Toys R Us

There are no plans to restock the stores once the company's distribution centers shut down, which is scheduled to occur well before the rest of the franchise closes its doors.

A, Ste. 200, Austin, and a Toys R Us store at 12901 N. I-35, Bldg.

Toys "R" Us announced earlier in March that it was going out of business, which would affect close to 30,000 employees, according to the Deseret News.

The chain, which was known to generations of children and parents for its sprawling stores and Geoffrey the giraffe mascot, announce last week it would shutter all of its 740 US locations.

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Operating under the assumption that the majority of parents will continue to buy toys for birthdays and holidays, Lennett estimates that the organic decline for the total USA toy industry will be in the low single digits.

"We understand, we're not just restarting the only other well-known and loved toy chain in the USA but hope to find places for those 33,000 jobs which will be lost as Toys "R" Us closes", Kassoff posted.

"It is with great regret that we have made the hard decision to make 98 people redundant at the company's distribution centre in coventry", joint administrator Simon Thomas said.

With Toys "R" Us' liquidation plans underway, one of the toy chain's property arms has filed for bankruptcy, impacting $859 million of debt. The exception, they note, is Ollie's Bargain Outlet, which typically sells at deep discounts year round. All sales will be final on purchases during the liquidation process. Time will tell if this is just the beginning of the end for other retail giants that are struggling to keep up with online prices.

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