NPD: Toys "R" Us closures will not tank the industry

BBB Bureau Briefs: Gift Cards & Bankruptcy - Newschannel 6 Now | Wichita Falls, TX
Amazon said to be weighing up Toys R Us store buys
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21 March, 2018

The company's distribution centers, which supply the stores, will close before the stores do, said Bill Kosturos, vice chairman of USA restructuring for Alvarez & Marsal, one of the companies advising Toys R Us in the liquidation.

Toys "R" Us, which filed for bankruptcy a year ago, announced last week that it expects to close all of its 735 stores in the US. If you have any gift cards, use them now.

Could Amazon be taking on a number of the vacated Toys R Us stores, now the toy giant is practically gone from the US?

The timetable was disclosed Tuesday at a hearing in U.S. Bankruptcy Court in Richmond, Va.

However, the toy retailer is hoping that it can find a buyer for its Canadian unit that is performing relatively well.

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KB Toys used to have multiple locations in Hawaii, but all were shut down after the company filed for bankruptcy almost a decade ago.

Toys "R" Us is an iconic brand that will surely be missed by kids and adults alike. In the United States, the toy industry has grown by 4.5% on average over the last three years. Creditors pushed for liquidation because they saw it as the most likely way to be repaid.

Legacy Toys has stores in Ely and at Duluth's Miller Hill Mall, and they just opened a new store in Fargo.

Gift Cards will be good for the next 30 days only; when a company files for bankruptcy gift cards no longer need to be honored but many do for a limited time, which is the case here.

Kassoff said he's been in contact with Hasbro Inc. and Mattel, Inc. and up to 200 smaller toy suppliers who are looking for new brick and mortar retailers.


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