When you heard the jingle that started, I don’t want to grow up, I’m a Toys R Us kid… it was almost automatic to stop, sing along and watch in amazement as the cool rows of toys, games, and fun passed on screen, almost beckoning you to rush down to the closest store.
Well, although Toys R Us has been a staple of fun for generations, the retail giant has become the latest victim to the sign-of-the-times, planning on closing roughly 180 stores across the country.
In a bid to restructure the company and emerge from bankruptcy protection, Toys R Us, needs to make drastic moves. Although the closures still need court approval before proceeding, management is planning on shutting the doors to one-fifth of the stores in early February, running through mid-April.
“The reinvention of our brands requires that we make tough decisions about our priorities and focus,” Chairman and CEO David Brandon wrote in a recent memo to customers. “The actions we are taking are necessary to give us the best change to emerge from our bankruptcy proceedings as a more viable and competitive company.”
Toys R US filed for bankruptcy protection before the holiday season noting that sales were waning as company debt was escalating. So, among the competition, who is slated to be the biggest winner as Toys R Us closes their doors? Analysts speculate that Target will be the victor. Click here to see if your local Toys R Us is on the list for closure.