In January 2018, mammoth toy retailer TOYS "R" US revealed that they soon would be closing 184 of their stores!!!
Apparently; that has now all changed. Due to not being able to attract a buyer that would enable them to restructure their debt deal; the company has decided to consider liquidating ALL 800 STORES located on United States soil.
The final decision could come as early as next week.
DAILY MAIL reports:
Toys 'R' Us went into bankruptcy in September, receiving a new $3.1billion loan as part of its effort to turn its prospects around, but a lackluster holiday season failed to inspire confidence in the toy company's viability.
Reports that Toys 'R' Us could close all of its more than 800 stores as early as next week had a big impact on toymaker stocks on Thursday.
Mattel Inc., which makes toys including Barbie and Hot Wheels, saw its stock fall as much as 6.1 per cent. Meanwhile, while Hasbro Inc. — which produces Mr. Potato Head and My Little Pony — stocks dropped 3 per cent.
It's anticipated that toy manufacturers will suffer if Toys 'R' Us does liquidate in the US, as the company accounts for about 15 per cent of American toy sales. In addition, Toys 'R' Us was known for giving small companies and new products a chance, whereas other toy-selling retailers, such as Walmart and Target, prefer to go with tried-and-true merchandise.
The decision about how many additional stores it will liquidate could come on Monday, following a bankruptcy hearing in Richmond, Virginia, sources told the Wall Street Journal.
The number of stores liquidated would be determined by the size of the bid received by the liquidator.