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 find a buyer, the CEO said, according to the report.
“We’re putting a for sale sign on everything. Frankly, all anyone has to do is offer one dollar more” that is being offered by liquidation firms, Brandon said, according to The Wall Street Journal.
Earlier today, MGA Entertainment’s (MGA) CEO, Isaac Larian, and affiliated investors have 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.