Economy

Toys 'R' Us near shutdown of US division

Toys 'R' Us near shutdown of US division”

A report Thursday said Toys R Us is preparing for a liquidation of its bankrupt USA operations, which could mean an end to the once-mighty toy retailer.

Bloomberg News reports the company has failed to find a buyer or reach a debt restructuring deal with lenders, according to people familiar with the matter. It's not yet clear what will happen to the Canadian unit, which filed at the same time as the USA division.

A Toys "R" Us spokesman declined to comment.

Like many traditional retailers, Toys R Us has struggled to maintain sales amid declining customer traffic in brick-and-mortar locations and the rise of e-commerce competitors like Amazon.

It was only September when the operation went into Chapter 11, and obtained a $31B loan to keep stores open, but the holiday season didn't work out.

Meanwhile, as Bloomberg adds, the situation has also deteriorated for numerous retailer's overseas divisions, which weren't part of the bankruptcy. But now it is now evaluating bids to liquidate the remainder of its US locations, the reports said. Both its United Kingdom and European divisions have sought buyers in recent months.



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