Faizel Patel, Radio Islam News – 16-03-2018
While Toys ‘R’ Us will be closing its stores in the UK and US forever, the South African toy store has not been affected by the mass closures.
Six months after filing for bankruptcy in the US and one month after doing the same in the UK, the company is shutting the doors of all 900 stores across both countries, unable to compete with online competitors putting at risk about 30,000 jobs.
According to the company, it’s filed a motion seeking approval to begin “an orderly wind-down” of its US business and liquidation of inventory.
Toys ‘R’ Us says that efforts to find a UK buyer have failed after talks with as many as 120 interested parties.
Stores in Australia, France, Spain and Poland are likely to be liquidated too, but it’s working on a deal for its Canadian arm by including around 200 US stores in its proposals.
CEO David Brandon says he is disappointed that the toy chain has to close.
“This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”
Nicole Annells, marketing manager of Toys ‘R’ Us and Babies ‘R’ Us South Africa, told Fin24 The local company is unaffected because it is privately owned and only pays royalties to the international company to use its Toys ‘R’ Us brand name.
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