Toys ‘R’ Us to close 180 US stores

By Pouyan Broukhim
Share

Toys ‘R’ US has announced that it will be closing “a number” of its US-based stores beginning February, with the global retailer having filed for bankruptcy protection across North America back in September.

According to Reuters, this number will stand to be about one fifth of the company’s total US stores, equating to approximately 180 retail outlets.

See also:

CEO David Brandon made the announcement in a note to the firm’s customers, providing an update on the company’s progress amidst its efforts to find a financial solution to its predicament through the restructuring of its operations.

“The reinvention of our brands requires that we make tough decisions about our priorities and focus,” Brandon said. “To that end and following a top-to-bottom assessment of our business, we have decided to close a number of our US stores. We also intend to convert a number of locations into co-branded Toys ‘R’ Us and Babies ‘R’ Us stores.”

Despite undergoing these changes, the company has confirmed that all of its other stores across North American and Europe will remain open for business.

In addition, it will aim to expand more readily online to compete in the growing ecommerce sphere, as well as offering both heavy discounts and a more attractive loyalty programme in an attempt to entice customers.

Share

Featured Articles

Who Will Take Over From Jamie Dimon as CEO of JPMorganChase?

Two women are seen as frontrunners to take over from Jamie Dimon as CEO of America’s biggest bank

Over Half of US CEOs Back Trump to Boost Global Economy

52% of US CEOs pick Donald Trump over Kamala Harris when it comes to boosting the world economy. CEOs outside of America though are equally divided

Why the Cloud is Murky for Microsoft CEO Satya Nadella

On the face of it, demand has never been higher for Microsoft Azure’s data-centre capacity. So why is Microsoft forecasting slower cloud revenue growth?

Businesses Are Scapegoat in UK Budget Tax Rises

Corporate Finance

What Can McDonald's CEO Do to Win Back Trust?

Leadership & Strategy

5 Things Spelling Trouble for Alphabet CEO Sundar Pichai

Technology & AI