Being a product of the 80’s, I was fairly devastated when I first caught wind that Toys ‘R’ Us was shuttering. I grew up with Toys ‘R’ Us and loved going there as a kid (and admittingly an adult) and especially loved being able to take my own kids into the store and see their eyes light up as they looked around for that special toy (or game) to take home.
Well, it would now seem that Toys ‘R’ Us investors have decided to halt the auction to sell off remaining assets and are interested in revamping the chain!
Dave Brandon, CEO and chairman of Toys ‘R’ Us, on the Toys ‘R’ Us website states:
“Together with our investors, our objective is to work with our debtholders and other creditors to restructure the $5 billion of long-term debt on our balance sheet, which will provide us with greater financial flexibility to invest in our business, continue to improve the customer experience in our physical stores and online, and strengthen our competitive position in an increasingly challenging and rapidly changing retail marketplace worldwide. We are confident that these are the right steps to ensure that the iconic Toys“R”Us and Babies“R”Us brands live on for many generations.”
Hopefully everything works out as planned! It is just a shame that they couldn’t come to some sort of resolve before they closed down over 1,000 stores and over 33,000 people lost their job.
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SourceCode, aka Lucas Hughes, is the creator/owner of Nintendo Playroom. He spends his days primarily as a husband/father/programmer/gamer. He loves all things Nintendo and is very passionate about the Nintendo community.