>> Toys R Us will be shuttering about one-fifth of its US stores in the coming months as it tries to emerge from bankruptcy. Chief executive David Brandon said in a statement, the closure of about 180 US stores will begin in early February, with, quote, the majority of locations closing in mid-April.
During that period, customers will be looking at deep discounts as the New Jersey based company continues to battle growing competition from online shops like Amazon, mass discount chains like Walmart, and some smaller independent stores. Toys R Us filed for bankruptcy protection just ahead of the 2017 holiday season to restructure $5 billion of long term debt.
It set aside more than 400 million out of its 3.1 billion in bankruptcy loans for sprucing up stores over the next three years, with better paid staff and more experiences, like their play labs, a hands on play date for kids. The company says it plans to remodel a number of locations by converting them into co-branded Toys R Us and Babies R Us stores while also investing in websites, and aims to exit bankruptcy this year.