Toys 'R' Us Going Out Of Business, Closing All Stores

Toys 'R' Us Going Out Of Business, Closing All Stores

The fun could be over for Toys "R" Us as the chain reportedly has missed payments to its suppliers without explanation and prepares to file a liquidation plan with a U.S. Bankruptcy Court.

The company filed for Chapter 11 protection in September, when it seemed it might be able to reorganize its debt while it renovated stores and operations, but those hopes are fading, according to reports in the Wall Street Journal and Bloomberg.

When Toys R Us closes, the toy industry feels it. Fifteen locations in NY were on the list of planned closures, including a Babies R Us in Latham and a Toys R Us in Glens Falls, which were to start in February and continue through mid-April. In January, stores in Cherry Hill, New Jersey and Exton, Pennsylvania became a part of a growing list slated to close after the retailer entered bankruptcy previous year.

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The struggles of Toys "R" Us have taken a toll on the two largest toymakers, Hasbro Inc. and Mattel Inc.

Toys "R" Us also announced in February that it would also close locations in Dedham, Millbury, Bellingham, Northborough and Framingham. "We heard initially they were closing some of the stores and now we're hearing they're closing all of the stores so sales are even higher", said Mary Mancini, of Downingtown.

Of course, Toys R Us isn't the only place to buy toys. Squeezed by giants Amazon.com and Walmart, and hobbled by $5 billion in debt, the retailer that once dominated toy sales in the USA filed for bankruptcy protection back in September. David Fiorenza, an economics professor at the Villanova School of Business, said online retailers gain an advantage with tax breaks if nationwide closures happen.

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