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Toys "R" Us to close about 180 stores across the country
Source: CBS Moneywatch
By AIMEE PICCHI MONEYWATCH January 24, 2018, 8:19 AM
Toys "R" Us to close about 180 stores across the country
Toys "R" Us said it plans to close about 180 locations around the country. CEO Dave Brandon wrote in a customer letter that the store closings are designed to strengthen the company as it seeks to emerge from bankruptcy protection.
In a court document, Toys "R" Us said it will close up to 182 underperforming locations spread across the U.S., representing about one-fifth of its stores. It added that the final decision on shuttering stores will depend on whether the company is able to negotiate more favorable lease terms or rents for some locations. The store closings will begin in February and wind down in April, Brandon said.
The closures follow a holiday season when bricks-and-mortar retailers struggled to compete with the growing popularity of online retailers like Amazon.com. Toys "R" Us had the added challenge of filing for bankruptcy protection in September, just as stores were stocking up for the holidays.
-snip-
Toys "R" Us to close about 180 stores across the country
Toys "R" Us said it plans to close about 180 locations around the country. CEO Dave Brandon wrote in a customer letter that the store closings are designed to strengthen the company as it seeks to emerge from bankruptcy protection.
In a court document, Toys "R" Us said it will close up to 182 underperforming locations spread across the U.S., representing about one-fifth of its stores. It added that the final decision on shuttering stores will depend on whether the company is able to negotiate more favorable lease terms or rents for some locations. The store closings will begin in February and wind down in April, Brandon said.
The closures follow a holiday season when bricks-and-mortar retailers struggled to compete with the growing popularity of online retailers like Amazon.com. Toys "R" Us had the added challenge of filing for bankruptcy protection in September, just as stores were stocking up for the holidays.
-snip-
Read more: https://www.cbsnews.com/news/toys-r-us-to-close-about-180-stores-across-the-country/
