All British Toys 'R' Us stores to close in next six weeks

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A USA Today report said the company confirmed a report in The Wall Street Journal that relied on comments from Toys R Us CEO Dave Brandon to employees.

"You have to look at this as an opportunity to reposition that store", she said.

The company, which owns brands such as L.O.L. Surprise!, Little Tikes and Num Noms, refused in a followup email to give further detail about how much it is bidding or whether it wants to buy the entire chain or parts of it. In 2017 Amazon accounted for more than twice as much online revenue as Toys R Us in toys, earning $2.1 billion in sales to Toys R Us' $912 million.

The giant toy-store chain was already in the process of closing one fifth of its shops as part of efforts to emerge from one of the largest ever bankruptcies by a specialty retailer.

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The company broke the news to staff yesterday, before letting go of all 67 employees at its head office in Maidenhead.

The chain started to close stores in January, including six in MI, following a disappointing holiday season. Right now, there are just over 700 stores left in the USA which includes Babies "R" Us venues.

On top of that, the retailer struggled to match competitors such as Amazon, who became significant players in the toy market as more and more sales moved online.

The global toy industry has been fighting a losing battle for the attention of children obsessed with smartphones and tablets.

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When Toys R Us declared bankruptcy in September, the company said it would keep its stores open while it tried to regain financial footing. Six months after filing for bankruptcy protection in the United States, and one month after a similar collapse in the UK, the company is now reportedly planning to shut down every single one of its stores in both countries.

Toys R Us also struggled with debt since private-equity firms Bain Capital, KKR & Co. and Vornado Realty Trust took it private in a $6.6 billion leveraged buyout in 2005.

The Canadian division, which has about 80 stores, filed for bankruptcy along with the us unit.

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