Toys “R” Us, Inc. has announced that its fiscal sales for the third quarter at comparable stores fell 9 percent. The company attributes the decline to weak video game-related sales and a shift in the timing of its “Big Book” holiday promotional advertisement guide.
According to the Wall Street Journal, in a filing with the Securities and Exchange Commission, the company said that same-store sales were down 7.2 percent in the first 12 weeks of the quarter, compared to the 6.8 percent decline in second quarter.
Toys “R” Us also announced a private offering of $650 million in senior secured notes due 2017. The company had a long-term debt of $5.5 billion as of August 1.