Sad news today as it’s the end of an era for Toys R Us. They have announced they will be closing all stores.
Toys ‘R’ Us filed with the bankruptcy court for permission to wind down its U.S. operations and liquidate its inventory, according to the Wall Street Journal.
The company’s main lenders “have determined that the best way to maximize their recoveries is to liquidate the existing inventory in all…735 remaining U.S. stores and begin an orderly wind-down of the U.S. operations.”
Toys R Us had initially hoped to be able to keep 400 stores open, according to the court filing, but realized it didn’t have enough cash to keep the lights on. “The stark reality is that the Debtors (Toys R Us) are projected to run out of cash in the U.S. in May 2018,” the motion states.
Let’s all take a moment and pour one out, as we remember the jingle for all our childhoods
The chain, based in Wayne, N.J., said it has enough money left to pay its 33,000 workers for “no fewer than 60 days.”
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