Written by Keshala Dias
15 Mar, 2018 | 4:48 pm
All Toys “R” Us stores will shut or sell all of its 735 stores in the United States.
The closing of the company’s US stores over the coming months will finalize the downfall of the chain that succumbed to heavy debt and relentless trends that undercut its business, from online shopping to mobile games.
Owing to this, about 31,000 jobs in the US are at risk.
Toys “R” Us will also close its UK stores in the next six weeks following the chain’s collapse into administration, BBC reports. Attempts to find a buyer for the US retailer’s 100 stores in the UK have failed.
The toy store chain filed for bankruptcy last year. At the time of its bankruptcy, the company disclosed it has about $5 billion in debt and was spending about $400 million a year just to pay for it.
CNN reports that it hasn’t made a full-year profit since 2012 and has lost $2.5 billion since then. It reported a loss of $953 million in the first nine months of last year alone.
The sales during the recent holiday period are believed to be very bad.
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