Toys R Us plans liquidating its US operations endangering the employment of 30,000 employees while constituting the termination for a chain familiar to generations of children and parents for its expansive stores Geoffrey the giraffe mascot.
The shutting down of the company’s 740 U.S. stores over the succeeding months will decide the ruination of the chain that surrendered to weighty debt and uninterrupted leanings that undermined its business from online shopping to mobile games.
CEO David Brandon notified the employees that the company is planning to liquidate all the US stores. He also told that Toys R Us will attempt to enclose its Canadian business, with about 200 stores and locate a buyer. The company’s U.S. online store would still be operating for the next couple of weeks if there is a buyer for it.
It’s likely to also liquidate its businesses in Australia, France, Poland, Portugal and Spain. It’s already closing its business in the United Kingdom. That would leave it with stores in Canada, central Europe and Japan, where it could locate buyers for those recommendations.
Toys R Us had about 60,000 full-time and part-time employees worldwide last year. Brandon said that the company would be tabulating liquidation papers and there would be a insolvency court hearing on Thursday.
Brandon told employees that they burnt the midnight oil. However, he blamed the media for slandering its reputation by publishing negative stories, about the company’s likelihood agitated customers and vendors.