Bye bye, Toys Я Us
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| Toys Я Us sign and store in Waterford, CT |
The time has come.
Nearly six months after Toys Я Us filed for bankruptcy protection last September, the chain has all but confirmed reports of their liquidation.
Rumors have been floating around for the last few weeks of Toys Я Us's liquidation plans, but it looks like its about time for those plans to come to fruition.
The company, which has almost $5 Billion of racked up debt, announced that it plans on either closing or selling off their 800 United States locations. This comes after announcing their plans to liquidate their U.K. operations due to the failure of finding a potential buyout sponsor.
Reports have come out of the chain supposedly telling its employees that most likely it will liquidate all of its stores, leaving more than 30,000 out of work. It also announced that it plans on selling off two hundred of its top performing stores to an unspecified Canadian operator, so the liquidation may not necessarily mean the end of Toys Я Us altogether.
The chain also did not mention if it would sell off any of its Babies Я Us stores as part of the 200-store deal, or if all of the BЯU stores would be liquidated alongside the remaining 600 Toys Я Us locations.
As more news unfolds, stay tuned for more updates. To check out some pictures of my local Toys Я Us, be sure to check out our brand new Flickr page, HERE!
Until next time
~R.S.
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