Toys “R” Us will close an additional 200 stores and lay off corporate staff, according to a report from The Wall Street Journal.
The report follows last month’s court document filings for the retailer to close 182 of its 880 stores in the U.S. The closing of 200 additional stores cuts Toys “R” Us retail locations nearly in half. Discussions about store closures are still ongoing, so the number of closings could change.
“The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company that will provide the level of service and experience you should expect from a market leader,” David A. Brandon, chairman and CEO of Toys “R” Us wrote in an open letter on Jan. 24.