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Who Killed Toys R Us? The Internet Has Some Ideas
20 Setiembre 2017, 05:58 | Benedicto Grullon
Toys 'R' Us shutdown looms amid bankruptcy filing
The two leading American toy companies, then, are rejoicing a bit, today, on the heels of a slight rebound after Toys R Us did, indeed, reveal bankruptcy filings. "The timing of all of this could not have been worse".
Bloomberg reported that Toys "R" Us's bonds were hammered on Monday in a massive sell off.
The company said it received a commitment for up to $3.1 billion in debtor-in-possession financing from lenders including a bank syndicate led by JPMorgan Chase & Co JPM.N and certain existing lenders.
Filing for Chapter 11 bankruptcy means the company will have an opportunity to reorganize its operations and structure in order to keep the business open and create a sustainable financial structure, according to the company.
Over the next four years, the store plans to spend $64.8 million to improve customers' toy shopping experience. However, the company has assured its customers that the filing will not result in mass store closures.
How long has Toys "R" Us been around?
"It's the only showroom available". That came from slashing prices, signing major, exclusive licensing deals with toymakers and buying up other toy giants FAO Schwartz and KB Toys over the past decade. If you're totally anxious about the company's prospects, there are lots of places to buy toys and be confident you can return them after the winter holiday if your niece really wanted a stuffed tiger instead of a giraffe.
Analysts said buyers have moved online over the years, as well as choosing home delivery, while discounters like Wal-Mart and Target have captured market share.
Mattel Inc MAT.O closed up 1.2 percent and Hasbro Inc HAS.O added 1.9 percent.
A spokesman from Toys "R" Us (Asia) said: "By the end of this year, we will have opened new stores in Hong Kong, Malaysia, Singapore, Thailand and Japan - in addition to the 22 in China".
With such debt levels, Toys R Us has not had the financial flexibility to invest in its business. "I really believe that", said Larian. Toys "R" Us has a $5 billion debt incurred in unstated operations. It said it was voluntarily seeking relief through the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond, and that its Canadian subsidiary would be seeking similar protection through a Canadian court in Ontario as it seeks to reorganize.
Meanwhile, Mr. Brandon said in the latest quarterly earnings call, Toys "R" Us has been hurt by competitors lowering free-shipping thresholds and shipping more quickly.
Its businesses in the region, including in Singapore, are run by a joint-venture company formed with Fung Retailing, a unit of Hong Kong's private Fung Group.
Among them were Perfumania, apparel chains rue21 and Gymboree, discount shoe chain Payless Holdings and designer clothing chain BCBG Max Azria Global Holdings. Others, including Sears, Macy's and JCPenney, are closing locations across the country as the retail industry adapts to the convenience and price transparency of digital commerce, and adjusts to a grossly overstored landscape.
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