Toys R Us could be closing its doors as soon as next week.
We have heard the rumor for months now that the company was in financial trouble.
Now in the bankruptcy process, the store will be closing.
Employees have been told that store will be closing in the US or they will be sold. This also includes closing all United Kingdom stores.
Now Toys R Us hasn’t publicly announced this, it is unclear actually how long before the shutting down process starts.
It will be sad to see it go, Toys R Us has been around since 1948 and was the go-to place for kids who were looking for that magical toy.
The Pokemon craze in 1999 was one of them. Customers were allowed to download special Pokemon to their game.
But competition from companies like Walmart and Amazon started kicking up, the pressure was on and has proved to be too great for them.
This wasn’t the only problem the company had, its doom was made worse by the $5 billion in debt they shouldered as part of the 2015 takeover by Bain Capital, KKR and Vornado Realty Trust. The interest on the debt was just too great.
Toys R Us owes millions also to its manufactures, its inability to streamline and modernize led it to fall.
It’s expected the official announcement will come very shortly.