Goodbye Toys R Us, CNY Will Miss You
The toy giant filed for bankruptcy protection in September, and hoped to restructure some of their $5 billion debt, according to the Wall Street Journal. Since then, the company has been unable to make progress, and is now accepting bids to liquidate their remaining stores: in other words, close all the remaining Toys R Us stores and take a part of our childhood with them.
The Wall Street Journal suggests that the announcement to close all the remaining US locations could come as soon as Monday, March 19. If you have a gift card, you might want to go and use it.
Forbes reports that shares of toy manufacturers Hasbro and Mattel dropped as the toy industry heard the news.
As yet, the New Hartford Toys R Us has told customers there are no plans to close, but the condition of the company as a whole might be too tenuous to continue to operate.
As for me, I'll miss Toys R Us, and remember Geoffrey fondly. I'll always be a Toys R Us kid.