It’s an end of an era, ladies and gentlemen! Toys “R” Us, the giant toy chain that sold everything from bikes, stuffed toys, toy guns, action figures, and of course, video games, will be closing shop across the US!
Toys “R” Us will shut down or sell all of its 735 stores in the United States according to court documents. To put things in worse perspective, that means that more 31,000 people will be laid off. Back in September of 2017, Toys “R” Us filed for bankruptcy, which the company hoped will shave off debt, and reinvest that in its stores. At that time, the toy retailer had over $5 billion in debt, and was said to be spending $400 a year just to service it.
Bankruptcy court filings obtained mentioned that Toys “R” Us mentioned how it had a “horrific” holiday season, which was “well below worst case projections.” Obviously, large retailers are affected by digital storefronts, with Amazon one of the main culprits as to the reason why retail is dying.
Whatever happens next, we’ll miss you, Toys “R” Us! You’ll always have a special spot for the ’80s and ’90s kids who grew up watching your commercials, and shopping at your establishments.