Published: Thu, March 15, 2018
Sport | By Wendy Sparks

Toys 'R' Us shutters United Kingdom stores, USA likely next

Toys 'R' Us shutters United Kingdom stores, USA likely next

But up to 200 USA stores could be spared, according to CNBC: the news outlet has reported that Toys "R" Us is exploring a deal to sell its healthier Canadian business, plus its 200 best USA stores to a buyer, with the new entity run from Canada.

Rumors that Toys "R" Us would close it stores surfaced last week after they could not find a buyer.

The company will be closing 850 stores across the USA and already have plans to shutter its 75 locations in the United Kingdom.

Much like other retailers, Toys "R" Us has also been bruised by competition from Amazon and other online retailers.

Toys R Us was also hurt by the shift to mobile devices taking up more play time.

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The chain started to close stores in January, including six in MI, following a disappointing holiday season.

Toys R Us had dominated the toy store business in the 1980s and early 1990s, when it was one of the first of the "category killers"- a store totally devoted to one thing.

The company announced its decision on Wednesday after it didn't receive any formal bids from buyers.

At its heyday, Toys R Us had a towering flagship store in New York's Times Square (now closed and home to Old Navy) and a ubiquitous icon, Geoffrey the Giraffe.

The downward spiral for the chain started last September, just before the holiday season, when the company filed for bankruptcy protection as its sales have been waning and debt has been rising.

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Toys R Us actually partnered with Amazon at the beginning of the digital age.

Moorfields, the company who worked alongside Blockbuster when the video rental chain went into administration, has been tasked with working alongside Toys R Us through its insolvency.

-1978: Toys R Us becomes a public company.

Toys R Us has struggled in recent years to compete with online retailers and made a £500,000 operating loss on sales of £418m in 2016.

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