Toy 'R' Us tells employees it's closing or selling all United States stores

Toys R Us in Oldbury West Midlands is still open although the staff do not know when it will close

Toys R Us in Oldbury West Midlands is still open although the staff do not know when it will close

Toys "R" Us Inc.is telling employees Wednesday that it will likely sell or close all its USA stores, according to The Wall Street Journal.

According to the Wall Street Journal, the company's CEO notified employees of the closures.

As reported by The Guardian, the decision comes after administrators failed to find a new buyer for the struggling chain, which a year ago voluntarily filed for bankruptcy protection in the USA and Canada.

The toy retailer, which is owned by a consortium of private equity firms, had been searching for a buyer for its United Kingdom business for several weeks before formally appointing administrators last month. Unable to get its finances in order through a months-long bankruptcy process, the retail chain has reached the end of the line. There were reports earlier this week that Toys R Us had stopped paying its suppliers, which include the country's largest toy makers.

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Rumors that Toys "R" Us would close it stores surfaced last week after they could not find a buyer.

"They missed an opportunity to reposition themselves as an inspirational place to shop at". Right now, there are just over 700 stores left in the USA which includes Babies "R" Us venues.

According to several media reports the retailer is preparing to liquidate its business, which will most likely result in all stores closing. The Elizabeth, N.J. Toys R Us store is shown in this 2017 photo.

A total of 25 Toys R Us stores have already closed, or a due to close by the
end of trading today, as part of a restructuring plan agreed with creditors in December which also included deals with the Pension Protection Fund and store landlords.

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It is a colossal failure for a company that started out in 1948 as a small store that sold cribs, strollers and other baby items in Washington, D.C.

The business was bought in 2005 by a group of investors, including private equity firms Bain Capital and KKR, which loaded it with about $5bn (£3.6bn) in debt. He renamed his business Toys R Us and created an emporium of exclusive products and ever-rotating inventory. While most retailers saw a boon from a perky holiday shopping season, Toys R Us faced what it called "operational missteps".

Welsh says she's been working with a number of companies like Glowzone, an entertainment park, and Lucky Markets, which offers beer tastings in its stores, which would be interested in taking some of the spaces nationwide.

More: If Toys R Us goes away, where will shoppers go?

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