photo: Mike Kalasnik via Flickr
By now you probably know that Toys“R”Us filed for bankruptcy back in September. But in the face of their impending bankruptcy, the mega toy retailer soldiered on and maintained that they’d keep their stores open. That is, until now. It’s reported that the company is now looking at closing at least 100 of their US stores amidst weak holiday sales.
Long gone are the days when filling your kiddo’s wish list meant trudging out into the December chill to stand in long lines and pay high prices. Between Amazon, eBay and the seemingly endless parade of online services that once brick and mortar-only stores offered, you don’t have a real reason to shop from anywhere but your living room.
The techy trend towards buying online has given retailers such as Toys”R”Us a run for their money Seriously. On Tuesday Toys”R”Us reported their third quarter 2017 results, and they weren’t great. Dave Brandon, Chairman and Chief Executive Officer of Toys”R”Us, said in a press release, “Our results for the quarter were disappointing. They not only reflect the broad competitive trends across retail, they demonstrate the continued challenges we face in both the baby and learning categories.” Brandon added, “Though we continue to see growth in our core toy category, we recognize the need for change in order to better meet our customer’s needs.”
While the net sales represented an $89 million decrease from 2016 to 2017 (when comparing third quarter results), Toys”R”Us has yet to make a public announcement that they are indeed closing stores in the US. After the weak holiday sales numbers and poor third quarter earnings, insiders reported that the company is considering a mass closing.
Do you think Toys”R”Us will start closing stores soon? Share your thoughts in the comments below.