Goodbye, Geoffrey: Toys R Us closing its last stores

The bankrupt toy company announced that it would be shutting down all US locations in March

The bankrupt toy company announced that it would be shutting down all US locations in March

In fact, the nationwide shutdown has left over 700 more empty retail spaces just like the one photographed and, more importantly, an $11 billion hole in the toy market.

"It's sad. A lot of kids are really probably shopping online Amazon a place like that, but there's something special about going to a store like Toys "R" Us," said Dale Shough, a customer. What we found was a manager who didn't want us filming, no Geoffrey, and a pretty good sale on a small selection of toys.

There's no more Toys "R" Us kids'.

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In a dire retail landscape, more than 8,000 USA shops closed in 2017, roughly double the average annual store closures in the previous decade, according to data from the International Council of Shopping Centres.

An obvious frontrunner will be Party City, which hired Jamie Uitdenhowen, a former top executive at Toys "R" Us, as its chief merchandising officer in December 2017 (three months after Toys "R" Us filed for bankruptcy).

Forbes, who started with the company in 1987, said she would continue to work until her store in Phoenix, Arizona, closes for good this week.

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The Center for Popular Democracy and the Organization United for Respect point to Securities and Exchange filings in noting that Toys "R" Us paid $91 million in severance between 2008 to 2016 while being run by the private-equity firms, which took control of the retailer in a leveraged buyout in 2005.

The toy store opened its doors 70 years ago.

"I think Geoffrey the Giraffe signifies fun and childhood memories", a zoo representative told CBS San Antonio affiliate KENS.

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But several of Toys "R" Us' old competitors are already eyeing to fill the void.

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