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Toys R Us is going out of business, closing all stores
14 March 2018, 02:33 | Joann Bryant
The Barbie DreamhouseMore
In the Bay Area, a complete shutdown would mean the closure of 19 Toys R Us and Babies R Us stores, not including nine local stores that the company in January announced would close as part of its effort to shutter 182 stores across the country and emerge from bankruptcy.
A source told CNBC that Toys R Us is in the process of drafting the court motion for its liquidation plan and the toy store has also not paid some of its vendors this week.
The Latham store will close by the end of the month and has launched a closing sale, an employee at the store said. Both Hasbro and Mattel saw a decline in sales previous year, and now the toy companies are losing one of their biggest retailers.
Reports say the thinned-out company has since then has tried to find a buyer, but without any luck.
There's no word as of now on what exactly this all means for Babies "R" Us, but seeing as many Toys "R" Us locations also house the baby gear superstore, this could mean that expectant moms may have to look elsewhere when it comes time to create a registry. Officials are said to be losing hope that lenders can agree on terms of a debt restructuring, but the company has declined to comment on the speculation.
Fans of Toys R Us might want to do their shopping soon now that the toy chain is reportedly making preparations to liquidate its operations and shutter all of its stores. In announcing the earlier closures, CEO David Brandon promised shoppers "deep discounts and deals" during going-out-of businesses sales. And to my discovery, the shelves were stocked with new toys that I have been waiting to get my hands on.
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