Toys”R”Us filed for bankruptcy last September, but the toy retailer is dusting off its lawyers again to get ready to file for liquidation, sources say.
USA Today reported that Toys”R”Us just couldn’t handle all its debt along with updating its stores and keeping up with online business.
In fact, Toys”R”Us has been feeling the pressure for a long time now — they closed 180 stores this year. That’s 180 Giraffe mascot performers out of a job.
It’s bad news for the broader toy industry as well. Stock prices of both Hasbro and Mattel dropped after the news. In fact, sales of plain old toys have been in decline for awhile. According to CNN Money, Mattel saw a 12% dip in sales last Christmas due to less-than-stellar performances from its Fisher-Price and American Girl brands.
Even though many of us haven’t been there in years, Toys”R”Us brings back great memories for kids who grew up in the 80s and 90s. Nostalgia plays a huge role in this love many of us have for Toys”R”Us, whereas many kids today have likely never been there.
Toys”R”Us isn’t the only store we love from our childhood to soon be extinct, however. Teen accessories retailer Claire’s is also planning on filing for bankruptcy, though several thousands of their locations may stay open for awhile.
Nevertheless, the news is still hitting hard with people who have fond memories of spending their parents’ money.
What toy will you miss the most from Toys”R”Us? Let us know in the comments below.
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