News Worms
News Worms

Toys 'R' Us prepares to shut down stores following failed bankruptcy deal

Toys 'R' Us prepares to shut down stores following failed bankruptcy deal

Toys R Us and Geoffrey the Giraffe could be headed towards the end.

Toys R Us representatives declined to comment on the report.

In January, Toys R Us announced plans to close 180 stores after a slow holiday sales season.

Toy's R' Us is preparing to liquidate its USA operations, and may close its stores, including those is Springfield, Auburn, Everett, Saugus, Braintree, Peabody and Woburn.

Not enough kids want to be a Toys "R" Us kid.

Under bankruptcy protection, Toys R Us tried to find the financial flexibility to reduce that debt.

The remaining stores across the USA are making preparations for liquidation.

The company had been working to restructure its debt - almost $5 billion worth - according to a story from Bloomberg News.

The retailer hasn't found a buyer or made a debt restructuring deal with its lenders.

The company's struggles aren't limited to its USA operations. The closings present a larger problem for the toy industry as a whole as word of an impending liquidation sent stocks tumbling. It initially pledged not to close stores, and its earnings had shown improvement by some measures. The toy retailer which employs 3,000 people faces going into administration if it is unable to pay a $15M Value-Added Tax bill by the end of this month.

Stores outside of the USA are not affected. In the early 1990s, sales were increasing at a 10 percent annual clip.


editors' picks

March 10, 2018
Waffle House waitress receives $16K scholarship after act of kindness
The photo was shared more than 35,000 times on Facebook and received more than 55,000 votes on Reddit, per the newspaper. But on February 3 what Williams did for an elderly customer was captured in a photo that went viral.

March 10, 2018
Sikh Separatist Apologizes for Embarrassing Canadian Govt During Trudeau's India Visit
The controversy erupted last month after a photo emerged of Atwal posing with the Prime Minister's wife, Sophie Gregoire Trudeau. "The government of India, Randeep Sarai, and Jaspal Atwal , have all refuted Justin Trudeau's theory that Mr.

March 10, 2018
Microsoft is selling its own custom version of Samsung's Galaxy S9
Well that's because Samsung is facing some "technological difficulties" in putting a fingerprint scanner below the display. Many will look at that statement and feel like smartphone makers such as Apple and Samsung have done this to themselves.

March 10, 2018
Russia's Putin praises women's contributions in holiday greetings
Putin praised Trump as a "balanced" man, who easily gets into the gist of various issues and listens to his interlocutor. He added: "Putin has publicly said that he kills traitors wherever they are in the world".

March 10, 2018
McLaren F1 successor to be company's fastest road vehicle to date
McLaren has released a few more teaser sketches for its upcoming 'Hyper GT, ' referred to by the development monicker BP23. Power will likely come from the familiar twin-turbo V8 paired with a stout electric hybrid drivetrain.

March 10, 2018
Missouri Police Officer Killed, 2 Others Injured After Shootout
He was found dead early Wednesday in a Clinton home where the officers were shot hours earlier while trying to apprehend him. The injured officers underwent treatment for gunshot wounds - one in the arm and the other in the shoulder, CNN reported.

March 10, 2018
A Gunman Has Reportedly Taken Hostages At A Veterans' Home In California
The Napa Valley Register reported that the man was wearing body armor and reportedly armed with an automatic weapon. The Veterans Home is located at 260 California Drive near Domaine Chandon and Vintners Golf Club.

March 09, 2018
Trump says Oakland mayor being probed for immigration warning
He says, "If you want the money, you can't have the sanctuary cities". "What (Schaaf) did is incredible and very risky from the standpoint of ICE and border patrol".

March 09, 2018
Italy election: Exit polls point to hung parliament
Di Maio noted Monday that no campaign bloc had obtained a majority and that the 5-Stars had strong showings from north to south. She said it represented a "new stage in the awakening of the people!" and that the "European Union (was) having a bad evening".

March 09, 2018
How Texas counties voted for Beto O'Rourke
Attorney General Ken Paxton , who is under felony indictment on charges of securities fraud, is unopposed in the primary. Abbott received over 90 percent of the primary votes, but last night was not a total victory for the Governor.