TOYS “R” US TO CLOSE NEARLY 180 STORES

The nation’s leading toy-seller is planning to close over 150 stores in the U.S. Toys “R” Us is the country’s last brick and mortar toy outlet. Company officials declared bankruptcy last September. As a result, as many as 182 Toys “R” Us stores will close. Stores outside of the U.S. are not affected. The news comes after a brutal year for retailers in the U.S. in which store closings across the country hit a record. Over nearly seven decades in business, Toys “R” Us has built up 1,600 stores around the world. About 880 of them are in the U.S. The filing Tuesday by the company’s lawyers said the decision to shut so many stores was prompted by increased competition and a shift by customers toward online shopping. The planned closures, which need court approval, are expected to begin early next month and be mostly completed by the end of April, Toys “R” Us CEO Dave Brandon said in a message to customers posted on the company’s website. “The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company,” he said. Several other stores will be converted into co-branded Toys “R” Us and Babies “R” Us outlets, Brandon added. The East Tennessee stores are not included in the closures.

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