UP TO 70 PERCENT OFF… DETAILS!
As part of its Chapter 11 bankruptcy reorganization plan,Toys R Us is planning to close approximately 182 stores across the country, in a bid to restructure the company and emerge from bankruptcy protection. Going-out-of-business sales are scheduled to begin in February and be completed in April.
The closures still need court approval, documents show, but management is planning to shut the locations beginning in early February and running through mid-April. (See below for a complete list of those locations set to close.)
“The reinvention of our brands requires that we make tough decisions about our priorities and focus,” Chairman and Chief Executive Officer David Brandon wrote Tuesday in a memo to customers. “The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company.”
Just four months ago and before the holiday shopping season, Toys R Us filed for bankruptcy protection as its sales were waning and debt was piling up. The toy chain faces increased competition from the likes of Amazon, Walmart and Target, and it’s struggled meeting consumers’ needs online.
Toys R Us has said it’s focused on improving the in-store and online shopping experience and is also planning to revamp its loyalty program to appeal to more consumers.
A list of store closings can be found here.
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