NEW YORK — The liquidation has begun at Toys R Us, the latest victim of tough economic times for many retail businesses. The toy emporium that has delighted generations of kids is closing many of its 880 stores due in part to challenging competition from online retailers.
The toy store chain is closing a third of its 880 stores nationwide and in Puerto Rico and Guam as the company struggles to reorganize in bankruptcy. The liquidation sale has begun in its stores with customers being offered discounts up to 30%. Business was light during out visit to the Toys R Us store at the Wayne Hills Mall in New Jersey, but for the customers who showed up there were some good bargains.
Sylvan Brito was thrilled that she saved $20 on her purchase. After a rough holiday season and millions in debt, the toy chain said it was left with no choice but to close many of its Toys R Us and Babies R Us properties.
The closings will impact more than 4000 employees. Sylvana Brito said it's understandable that retailers like Toys R Us can’t be viable when competing with online companies like Amazon.
The company said that the stores that will be closing, including 11 in New Jersey, failed to meet performance standards. Part of the restructuring plans call for the co-branding of Babies R Us and Toys R Us stores. Ashish Gupta noted sadly, "When you think of toys, you think of Toys R Us."
His wife Monica said they came out to buy toys for their children who are sad the store is closing. 7-year-old Sofia Piscoblo summed up the feeling of so many upset over the closing of so many of the toy emporiums, "Sad."
The liquidation sale will continue for several weeks until the stores earmarked for closure close their doors in mid-April.