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Toys 'R' Us may liquidate assets, close USA stores
11 March 2018, 01:36 | Damon Campbell
Bankrupt Toys R Us may sell assets and close all US stores
The retailer has yet to find a buyer or secure a debt restructuring deal with its lenders, according to Bloomberg News.
Toys R Us representatives declined to comment on the report. The company is now saddled with around $5 billion in debt, and it has found it hard to find relief.
But even in years when Toys R Us performed well, the debt payments ate into its profits and kept the company from investing in much need improvements to its stores and its online operations.
Toys "R" Us Inc. doesn't sell the most toys in the USA - that distinction goes to Walmart Inc. - but it has remained a key proving ground for kids' gadgets, games and other playthings.
For Toys "R" Us, the situation has also deteriorated for numerous retailer's overseas divisions, which weren't part of the bankruptcy.
Sources expect the company to file for Chapter 7 bankruptcy liquidation next week.
Inside a Toys R Us store. Credit Huddersfield Examiner
Its worsening situation, along with reports that it was considering bankruptcy, spooked vendors - with about 40 percent of them ceasing shipments and forcing the company to seek court protection. Toys R Us's United Kingdom unit is in the hands of a court administrator, Bloomberg reported, while the European arm has been targeted by takeover bids and a seller is being sought for its Asian operations.
There is only one Toys "R" Us in Texoma which is located in Wichita Falls near Sikes Senter Mall.
Toys R USA isn't alone.
But there are now no bidders for Toys R Us, which accounted for 15 to 20 percent of USA toy sales in 2017.
"The toy industry remains in flux", Gerrick Johnson, industry analyst at BMO Capital Markets, said in a research note on Friday, noting toy industry executives were concerned about the sector's health in 2018. Hasbro fell more than 3 percent, while Mattel stock declined almost 5 percent.
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