Author: Maddie Michalik

ASTRA Reassures Consumers that Independent Toy Stores Are an Option for Buying Toys

Kimberly Mosley, president of the American Specialty Retailing Association (ASTRA) issued a statement in response to the news that Toys “R” Us is closing down all of its U.S. locations: “The closing of Toys “R” Us stores nationwide is another example of the ongoing change and evolution of the $20.7 billion toy industry. One thing that remains constant is the need for children to have access to fun toys and play experiences that support healthy child development. Parents and grandparents and other toy buyers looking for alternatives to Toys “R” Us can find top quality toys and customer service...

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Toys “R” Us to Liquidate Inventory and Shut Down U.S. Stores

Toys “R” Us is officially going out of business in the U.S. The retailer filed court documents early Thursday seeking bankruptcy court approval to liquidate its inventory, start closing nearly 800 U.S. locations, and selling its equity interest in its Canadian operations. The company’s lenders “have determined that the best way to maximize their recoveries is to liquidate the existing inventory in all [of Toys “R” Us’] 735 remaining U.S. stores and begin an orderly wind-down of the U.S. operations.” “I am very disappointed with the result, but we no longer have the financial support to continue the Company’s U.S....

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Toys “R” Us Will Sell or Close All U.S. Stores, CEO Says

Toys “R” Us told employees today that it will sell or close all of its U.S. stores, according to The Wall Street Journal, and plans to file liquidation papers tonight in advance of tomorrow’s bankruptcy court hearing. The closures will affect 33,000 American jobs. The news came to employees from Chief Executive Dave Brandon on a conference call. Brandon also told staffers the company was likely to liquidate in France, Spain, Poland, and Australia. It plans to sell its operations in Canada, Central Europe, and Asia. The company is also trying to package its Canadian business with 200 U.S. stores and...

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MGA Entertainment CEO Isaac Larian Places Bid on Toys “R” Us Canada

MGA Entertainment’s (MGA) CEO, Isaac Larian, and affiliated investors made a bid for the Toys “R” Us Canada operations, a spokesperson for MGA confirmed. The group may also perform due diligence on Toys “R” Us in the U.S., according to a report from Bloomberg. “If there is no Toys “R” Us, I don’t think there is a toy business,” Isaac Larian, CEO of MGA, said. According to Bloomberg, Larian will put his own money into the effort. A bid will be made on Thursday, when an omnibus hearing on the U.S. bankruptcy proceedings for Toys “R” Us will be held. Toys “R” Us...

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NRF Says February Retail Sales Increased 4.4 Percent Over Last Year

February retail sales increased 0.3 percent seasonally adjusted over January and 4.4 percent year-over-year as the economy continued to grow, according to the National Retail Federation. The numbers exclude automobiles, gasoline stations and restaurants. The three-month moving average was also up 4.4 percent over the same period a year ago, and the results come as NRF is forecasting that 2018 retail sales will grow between 3.8 percent and 4.4 percent over 2017. The February numbers won back a slight monthly dip seen in January, which declined 0.2 percent from December coming off one of the best holiday seasons in...

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