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Toys 'R' Us planning to liquidate
March 22 2018, 05:39 | Perry Erickson
Toys 'R' Us planning to liquidate - Bloomberg
Toys "R" Us is reportedly closing all its USA stores next week after the bankrupt company was not able to find a buyer, according to Bloomberg News.
While the situation is still fluid, a shutdown of the US division has become increasingly probable in recent days.
It's business as usual at Toys R Us Canada, the company says, even as reports claim the toy retailer's American counterpart will soon liquidate its USA operations.
When Toys R Us filed for bankruptcy protection in September, the company believed that it could emerge from bankruptcy by the fall as a slightly smaller version of itself, with a more manageable debt load.
Toys "R" Us declined to comment on the Bloomberg report.
Toys "R" Us, like many retailers, has been hit hard by the shift to online shopping like Amazon.
Toys "R" Us Inc. are reportedly planning to liquidate its USA operations. Over time, however, the limited inventory made Toys "R" Us a one-stop shop that was not a destination for other products.
The end may be near for Toys R Us.
Earlier this year, the company announced plans to close 182 stores around the country by April. Bigger rivals like Walmart Inc. and Target Corp. would typically take a more cautious approach. The interest payments-$400 million a year-left the company weak and ripe for toppling.
The company was founded in 1948 when Charles Lazarus opened Children's Bargain Town, a baby furniture store. The toy business was large enough that he was able to compete with department stores that had toy sections.
The store also wanted to give employees the freedom to remove products from boxes to let kids play with the latest toys.