The massive American toy store chain plans to shut down operations in the coming months, liquidate assets, and thereby eliminate up to 33,000 jobs.
Toys ‘R’ Us filed for bankruptcy in September 2017 in what is currently the largest bankruptcy of a specialized retail chain. The Wall Street Journal reports that an attempt to restructure by closing one-fifth of its stores failed this month after creditors determined that more money could be raised through asset and inventory liquidation.
>>>Mass store closures continue in the U.S.
The announcement was first heard by employees at the company’s headquarters in New Jersey, where CEO David Brandon stated that asset liquidation is likely in France, Spain, Poland, and Australia. The company will also sell its business in Canada, where it has 200 stores, as well as in Central Europe and Asia.
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The closure is a severe blow to generations of consumers and hundreds of manufacturers who have kept their toys on the shelves of 885 stores spread across the United States.
