Close to six months after firing for bankruptcy, Toy R Us is reportedly shutting it’s doors in The US. This closure incorporates 800 stores and affects over 30,000 jobs.
Toys R Us Is $8 Billion in debt, that debt being acquired back in 2005. Due to this, the company has been in financial struggle ever since even after filing Chapter 11 bankruptcy protection back in September of last year.
Along with its US stores, the company also plans to close its 100 U.K. stores.
Toys R Us is the single largest toy retailer in the US, being dedicated so strongly to toys, unlike it’s main competitors by the likes Wal-Mart, Amazon, and Target. Even with the lack of dedication from it’s competitors, Toys R Us has struggled with unnecessarily overpricing merchandise, and a tendency for low stock of desirable items.
Toys R Us is also looking at selling as an option, so there may still be hope for everyone’s favorite toy-crazed giraffe!