Toys R’ Us begins liquidation with blowout sales
I remember seeing commercials for Toys ‘R’ Us when I was younger and begging my parents to take me there. I remember the magic beginning as soon as I walked through the double doors and obsessing over Geoffrey the Giraffe. I even remember playing catch with one of the employees and finally having the freedom to ride skateboards through the aisles; freedom that most other toy stores didn’t allow. It’s almost heartbreaking news to hear that the store will be closing soon.
According to Business Insider, Toys ‘R’ Us, after seventy years of business, filed for bankruptcy in September and is looking to start the liquidation process, meaning it will sell or, in this case, close all 735 of its US stores. Primary reasons that the company is shutting down includes their deep debt to landlords and other facilities. Additionally, they have been experienced in a major decrease in sales because of growing competition from retailers such as Amazon. Not only do they offer more quantities and a wider range, but they also have less expensive prices, which attracts the market. Their goal is to close by April. As if this news wasn’t bad enough, Charles P. Lazarus, the founder of the toy store chain, died on March 22, at the age of 94.
Corali Lopez-Castro, a bankruptcy lawyer, says, “I don’t think people will miss Toys ‘R’ Us because everything you can get at Toys R’ Us, you can get online.” Which website is selling the magic?
Just when all hope was lost, billionaire toy executive behind Bratz and Little Tikes, Isaac Larian, revealed that he wants to save the company. He and other investors have already raised 200 million dollars and need the help of the public to raise another 800 million dollars through the popular site GoFundMe. After just ten hours, they raised $2,000. Only $799,998,000 to go if we want to #SaveToysRUs.
