NPD: Toys "R" Us closures will not tank the industry
- Author: Kelly Blake Mar 21, 2018,
Mar 21, 2018, 7:59
Strategic Marks bought the KB Toys brand from Bain Capital in 2016, the same company that bought Toys R Us in 2006.
The toy store chain in early February started liquidation sales at 144 stores in the USA after for filing for Chapter 11 bankruptcy in September.
Picking up some of the soon-to-be vacant Toys "R" Us locations could be useful for whatever else the retail giant has up its sleeve.
Monica Horton with the Better Business Bureau joined Anchor Jake Garcia on Monday during our noon newscast to speak about gift cards and their drawbacks when the store goes out of business. To that end and following a top-to-bottom assessment of our business, we have made a decision to close a number of our USA stores.
Toys R Us finally has acknowledged the obvious: The game is over, deader than an outgrown Little Tikes playhouse.
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Amazon declined to comment on the reports, while Toys R Us did not immediately respond to requests for comment.
Now those payments are at risk in a dramatic turn of events as the iconic toy retailer speeds toward US liquidation.
Right now, the plan is to open about 1,000 pop-up stores ahead of Black Friday this year.
KB Toys says its planning a comeback!
They will continue paying employees for the next 60 days.
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NPD's Consumer Tracking Service has found that Toys "R" Us represented approximately 12% of U.S. toy industry sales in 2017.
Some suppliers are demanding the company return any unpaid inventory rather than selling it and using going out of business sales to pay secured lenders and bankruptcy lawyers, at their cost, court papers showed.
Toys R Us Australia has also said it is "business as usual" despite the US collapse.
"We're just as excited about the toys as the kids who come in", said Chip Honer, head of game development at Legacy Toys.
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