Author Topic: Toys “R” Us: U.S. Closure, Return as Tru Kids Brands  (Read 6739 times)

Offline AzT

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Toys “R” Us: U.S. Closure, Return as Tru Kids Brands
« on: March 15, 2018, 09:11:15 PM »
:(

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WAYNE, NJ – March 15, 2018 – Toys“R”Us, Inc. today announced that it has filed a motion seeking Bankruptcy Court approval to begin the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company’s U.S. stores, including stores in Puerto Rico. Toys“R”Us will provide more details about the plans for the liquidation of its U.S. stores and going out of business sales in the near term.

Toys“R”Us also announced that it is pursuing a going concern reorganization and a sale process for its Canadian and international operations in Asia and Central Europe, including Germany, Austria and Switzerland. The Company’s international operations in Australia, France, Poland, Portugal and Spain are considering their options in light of this announcement, including potential sale processes in their respective markets. The Company’s stores in all these international markets are currently open and serving customers.

In connection with the sale process, the motion the Company filed with the Bankruptcy Court included bidding procedures for the Canadian operations. The Company also disclosed that it is engaged in discussions with certain interested parties for a transaction that could combine up to 200 of the top performing U.S. stores with its Canadian operations. While discussions continue on this potential transaction, Toys“R”Us is seeking court approval to implement the liquidation of inventory in all the U.S. stores, subject to a right to recall any stores included in the proposed Canadian transaction.

The previously announced administration of the UK business continues.

Dave Brandon, Chairman and Chief Executive Officer, said, “I am very disappointed with the result, but we no longer have the financial support to continue the Company’s U.S. operations. We are therefore implementing an orderly process to shutter our U.S. operations and will pursue going concern sales or reorganizations of certain of our international businesses, while our other international businesses consider their options.”

Brandon continued, “There are many people and organizations who have remained in our corner every step along the way. I want to thank our extraordinary team members who helped build Toys“R”Us into a global brand. I also want to express my appreciation for my colleagues on our board who have continued to provide support to sustain the brand and our operations throughout the restructuring process. I would also like to thank our vendors who we owe a great deal of gratitude to for their decades of support. This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”

The Company and its advisors are working to minimize the impact of the U.S. liquidation on the Canadian and other international markets. As part of these efforts, the Company is implementing a transition services arrangement for the next 60 days and is developing plans for a potential shared service function to support the international operations going forward.

Additional information regarding the Company’s restructuring process can be obtained by calling the Company’s Information Hotline, toll-free in the U.S. and Canada at (844) 794-3476, or sending an email to [email protected] Court filings and other documents related to the court-supervised process in the U.S. are available on a separate website administered by the Company’s claims agent, Prime Clerk, at You are not allowed to view links. Register or Login.

Kirkland & Ellis LLP is serving as principal legal counsel to Toys“R”Us, Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor.

For more information please contact:

Media:
Amy von Walter, Executive Vice President, Global Communications & Customer Care at 201-815-9512 or [email protected]

[email protected]
973-617-5900

Michael Freitag / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
Tel: (212) 355-4449

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« Last Edit: June 11, 2019, 09:55:11 PM by AzT »

Offline TardisMom

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #1 on: March 15, 2018, 09:16:24 PM »
This is so sad  :(

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Re: Toys “R” Us: U.S. Closure, Return as Tru Kids Brands
« Reply #2 on: Today at 10:35:27 AM »

Offline mark

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #2 on: March 16, 2018, 07:43:17 AM »

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"Add to your Pop! Ad Icons collection with this flocked version of Geoffrey the Giraffe!  Please check back soon for more exciting products!  We’ll always be a Toys”R”Us kid!"

 :( :( :( :( :(

Offline Transmute Jun

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #3 on: March 16, 2018, 09:22:08 AM »
I don't wanna grow up...

Offline SamTurtledove

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #4 on: March 16, 2018, 11:06:22 AM »
Passed on the Funko.

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"The best advice: Spend them immediately, if possible.

Make haste because after the big-box icon of American retail said Thursday that it would close all of its U.S. stores, there's not much time left.

The chain plans to honor gift cards for the next 30 days, Toys R Us spokesperson Taylor O'Donnell told USA TODAY on Thursday in an email."

Offline AzT

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #5 on: March 16, 2018, 11:19:42 AM »
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"Add to your Pop! Ad Icons collection with this flocked version of Geoffrey the Giraffe!  Please check back soon for more exciting products!  We’ll always be a Toys”R”Us kid!"

 :( :( :( :( :(

Funko is in the line of creditors and parties-in-interest: You are not allowed to view links. Register or Login, Docket #2089


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On March 15, 2018, Toys“R”Us officially announced plans to liquidate the inventory in all 735 of its U.S. stores, including stores in Puerto Rico. We expect the store closing sales to begin very soon and our team members are standing by to help you take advantage of the deep discounts that will be available during the liquidation process. Customer programs, including Rewards dollars, Endless Earnings and gift cards are being honored for the next 30 days. Customers can also continue to access their existing Registry.

In tribute, what's your favorite TRU memory?

I'll start: helping out with the SDCC TRU / EE Exclusives threads here... and this:

« Last Edit: March 16, 2018, 11:25:13 AM by AzT »

Offline Lord Bacon

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #6 on: March 17, 2018, 05:41:30 PM »
Sad indeed. So many memories made in my local store. I think I'll miss hanging out at my local Toys "R" Us, for Star Wars Force Friday's, the most  :(

Offline Michael M

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #7 on: March 17, 2018, 06:59:57 PM »
such a shame really...when I was really little I remember going to Kiddie City...then Toys 'R' Us was where it was at...shame...
"you're makin' - me - beat - up - grass!!"

Offline cabler30

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #8 on: March 18, 2018, 10:46:13 AM »
i use to shop there at random times and then did seasonal job for a change but didnt go back if know i can be let go at anytime after the season. i may go try see what gonna be sale if not all good stuff taken by resalers first to sale on ebay lol. i just no fan of flippers really, cause at times charge more then what it is at store really sometimes.

Offline Transmute Jun

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #9 on: March 20, 2018, 01:40:47 PM »

Offline Lord Bacon

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #10 on: March 20, 2018, 03:04:39 PM »
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Who's cutting the onions  :'(

Offline Transmute Jun

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #11 on: March 20, 2018, 03:11:02 PM »
I thought it was so sad....

 This guy does a lot of upbeat songs in a minor key, so this is in his wheelhouse...

Offline SamTurtledove

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #12 on: March 21, 2018, 08:18:06 PM »
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"Toys R Us is hoping to start liquidation sales at most of its U.S. stores Thursday and complete those sales by the end of June."

"The whole operation is expected to take 14 weeks. Some stores may close earlier if inventory sells out faster."

Offline SamTurtledove

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #13 on: March 22, 2018, 01:11:32 AM »
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"Add to your Pop! Ad Icons collection with this flocked version of Geoffrey the Giraffe!  Please check back soon for more exciting products!  We’ll always be a Toys”R”Us kid!"

 :( :( :( :( :(

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coming soon (3/25/18)


Offline mark

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Re: Toys “R” Us To Wind Down U.S. Business
« Reply #14 on: March 22, 2018, 08:48:20 AM »
Have to make a point to go by the haunted Toys R Us in Sunnyvale.