Toys R Us is going out of business, closing all stores

Mattel Inc

Toys R Us is going out of business, closing all stores

Now the company is preparing to liquidate its bankrupt U.S. division, and though a rescue operation could still come through, it's looking more than likely that the retailer will have to close all of its doors very soon.

Toys R Us has missed payments to some suppliers in recent days as its USA division heads toward a likely liquidation, according to people with knowledge of the situation. Company executives have said those stores would begin liquidating inventory in February and be closed by mid-April. The toy stores could be closing its doors as soon as next week.

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The toy megastore Toys "R" Us is reportedly shutting down all of its USA stores this week after the bankrupt company was not able to find a buyer, according to reports last week.

Toys R Us also recently stopped negotiating settlements with vendors on money owned before it filed for bankruptcy, some of the people said.

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Toys "R" Us reigned supreme in the 1980s and early 1990s, when it was one of the first of the "category killers" - a store totally devoted to one thing: toys.

A survey of about 850 independent retailers by the firm Advocates for Independent Business found that small retailers believe their "smaller size and greater understanding of their local markets" makes them more nimble than chains like Toys R Us and better at responding to shifts in the retail industry.

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"To our loyal customers: We've seen an awesome outpouring of love and support in recent days and we truly appreciate it", the company tweeted Friday. Both Hasbro and Mattel saw a decline in sales previous year, and now the toy companies are losing one of their biggest retailers.

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