Toys 'R' Us is the latest brick-and-mortar retailer to hit the skids. Late Monday, the toy store chain filed for bankruptcy protection after trying unsuccessfully to fend off competition from online stores and discount chains.
With 1,600 stores and 64,000 employees, Toys 'R' Us becomes one of the biggest specialty chains to file for Chapter 11 and it happened as the holiday shopping season is approaching, which is when the chain does most of its business.
Neil Saunders, managing director of GlobalData Retail, said, "While [Monday's] decision does not necessarily mean it is game over for Toys 'R' Us, it brings to a close a turbulent chapter in the iconic company's history." (Reuters)
- It appears the big-box toy store is going the way of the big-box book store and record store.
- This one hurts. We all remember shopping there as kids -- or shopping for our kids there.
- What will happen to Geoffrey the Giraffe if Toys 'R' Us closes all its stores?