Toys R Us has been trying to save their business, but Thursday morning the CEO announced that they probably won’t even be able to pay their 33,000 employees past another 60 days. The company had began liquidating some of their 700+ stores in the U.S., hoping to be able to hold on to at least 400 of them, but soon realized they didn’t have the $50 to $100 million it would take to preserve the rest.
The iconic toy store chain is looking to sell all of its stores to the highest bidder before they all close down, but after a slowly sulking holiday season where the gift powerhouse didn’t even reach half of their projected sales for Christmas, a lot of investors may feel its too shaky to buy.
Toys R Us has been trying to revamp the experience at their stores by including things like a play area where kids can try toys before they buy, but that didn’t boost sales the way they thought either. Unfortunately, we probably won’t be seeing much more of the toy store or its cousin, Babies R Us, in the United States after this summer.
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What was your favorite toy as a little kid?
