Toys R Us announces store closure plans

Toys R Us has filed a motion with the federal Bankruptcy Court to close all of 735 of its U.S. retail stores.

The company operates 10 stores in the state, including one in Kennewick.

The company will attempt to sell its more successful Canadian operations, a deal that could potentially combine up to 200 of its top performing U.S. stores. Regardless of this outcome, inventory at all of its U.S. stores will be liquidated.

“I am very disappointed with the result, but we no longer have the financial support to continue the company’s U.S. operations,” said Dave Brandon, Toys R Us’ chairman and chief executive officer, in a news release. “We are therefore implementing an orderly process to shutter our U.S. operations and will pursue going concern sales or reorganizations of certain of our international businesses, while our other international businesses consider their options.”

In September, the company filed for Chapter 11 bankruptcy protection in attempts to restructure debt.

Toys R Us and its advisors are working to minimize the effect of the U.S. liquidation on the Canadian and other international markets, according to a release.

As part of these efforts, the company is implementing a transition services arrangement for the next 60 days and is developing plans for a potential shared service function to support the international operations going forward.

“This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years,” Brandon said.

 

 

 

 

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