Toy Association

by STEVE PASIERB, president and CEO, The Toy Association

As the leading trade association for the industry, The Toy Association has been working since news first surfaced last fall to help member companies navigate the Toys “R” Us (TRU) bankruptcy that has now turned to liquidation. These are difficult days for the toy community—but we’re here to help and better times are indeed ahead.

Our primary focus remains on protecting the interests of manufacturing member companies and helping them successfully navigate both the bankruptcy process as well as the next 18 to 24 months as the industry, the marketplace, and consumers all establish new patterns. We are providing support of Member Motions seeking payment of all Administrative trade claims, so please reach out if your company needs our help. Our legal counsel has been continually working to seek information or insight from Counsel to the Unsecured Creditors Committee (UCC), as well as encouraging any level of useful communication from TRU.

Yesterday, we held a special electronic town hall for our members to provide updates and guidance on the bankruptcy process, including what unsecured creditors should do next. During the Q&A portion, participants had the opportunity to speak directly with presenters about issues and concerns. It was the third in a series of Toys “R” Us-related calls and webinars for members of The Toy Association since TRU filed. Not to worry if you weren’t able to participate; a recording will be up on our website within the next few days.

I also wanted to remind everyone in the toy community about the Toys “R” Us Bankruptcy Information resources on our website. The section is continually updated as new information becomes available. We are considering securing additional resources to support members, including Bankruptcy Counsel and financial advisors, while in the meantime, members are encouraged to contact Paul Vitale, executive vice president of finance & operations, and Rick Locker, counsel to the Association, with any claims questions. I also encourage everyone to watch for announcements in Toy News Tuesday, and for our members to keep their eyes open for important Member Alerts via email.

The marketplace will settle, everyone from specialty to mass will pick-up volume, consumers are certainly going to continuing buying toys, and we concur with analysis that places any potential decline in total 2018 U.S. sales in the low single digits. There’s been too much mainstream media reporting doom and gloom. Now is the time to focus on moving forward, not being held back. I have absolute faith in the toy community.

As always, and especially in trying times, the entire team at The Toy Association and our Board of Directors is committed to protecting our members’ businesses. We’re also fully supportive of any efforts to save a portion of TRU’s store footprint (#SaveToysRUs) or launch new retail options. On these or any other issues, please reach out to me directly (spasierb@toyassociation.org) if you have any questions or concerns.

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