Photo Courtesy of KWCH
After 70 years of business, all 735 US Toys R’ Us buildings will be closing down, for good.
Toys R Us filed for bankruptcy in September and recently started clearance sales at about 170 stores that it plans to permanently close in April, according to Business Insider.
The company is going out of business due to higher, more popular online retailers like Amazon.
It’s not only US stores that are likely to be affected — stores in France, Spain, Poland and Australia will likely be liquidated, while the company is still looking to sell Toys R Us stores in Canada, Central Europe and Asia (assuming it can find a buyer), according to The Verge.
Claire’s Stores Inc., another chain that sells some toys, also is said to be nearing bankruptcy — though it’s not at the point of being shut down, according to Fortune.
The Toys R’ Us company isn’t the only store to be affected by this closing. Major companies like Hasbro and Mattel are expecting to have a drop in customers, since Toys R’ Us is what helps make a large amount of profit for these companies.
Although, not all hope is lost for this company. The company is shopping a plan that could ultimately save roughly 200 stores from going dark if it’s able to find a buyer. This would be in conjunction with saving the Canadian business, according to CNBC.
A frequently asked question, that some might have after getting this far is, “what about Babies R’ Us? Well, that’s closing down too.
As the company adjusted its reorganization plans, they said it had decided to drop the baby business because it had been doing poorly in recent years, according to USA Today.