Toys ‘R’ Us will close for Great This specific week

You won't be hearing the Toys 'R' Us jingle anymore

The end is actually finally here for Toys “R” Us stores from the United States.

The iconic toy retailer will close its final 0 US stores on Friday.

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Toys “R” Us filed for bankruptcy in September in hopes of turning around. although terrible Christmas sales left This specific on life support. The chain had 735 US stores when This specific announced plans to go out of business in March.

The 70-year old company will continue in some additional countries, such as Canada.

Related: Amazon didn’t kill Toys ‘R’ Us. Here’s what did

In addition to competition by big box retailers as well as also online rivals like Amazon (AMZN), Toys “R” Us was doomed by an unsustainable debt load of which came from the wake of being taken private by KKR, Bain Capital as well as also real estate firm Vornado in 2005.

Some longtime employees have been staging protests because they were not paid severance after losing their jobs. The 31,000 US workers received only 60-days notice as required by federal law. Another round of protests is actually scheduled with This specific week.

“We get customers who come in as well as also give us hugs,” said Madelyn Garcia, manager of the store in Boynton Beach, Florida, who has been with the company for 30 years.

Related: How Toys ‘R’ Us went by big kid on the block to bust

Shoppers will find deep discounts although little from the way of merchandise on the shelves of the remaining stores. Garcia said her store is actually mostly vacant.

She said she has about 45 staffers still on the job, some who moved over by additional stores of which have already closed. She has yet to find a brand new job herself.

“I’m hopeful I’ll find something, along with the rest of the team,” said Garcia. “although This specific’s hard to look for a job as well as also go on interviews when you’re trying to close your store.”

Related: Toys ‘R’ Us is actually shutting down in Australia, too

Some of the stores today open won’t make This specific all the way to Friday’s deadline. For example, Garcia’s store will close Thursday.

The toy industry will face a drop in sales by the chain’s closing.

Big box retailers such as Walmart (WMT) as well as also Target (TGT) had already surpassed Toys “R” Us in total toy sales, although the chain was an important place for toy makers to sell their full line of products. Both Hasbro (HAS) as well as also Mattel (MAT) reported lost sales of tens of millions each from the first quarter because of the Toys “R” Us closings, according to the companies.

Related: Local toy stores are thriving as Toys ‘R’ Us is actually dying

Toys “R” Us said This specific is actually from the process of trying to find brand new tenants for its stores.

On Monday Party City (PRTY) announced This specific would certainly use 50 of the locations for its seasonal “pop up” stores, as well as also expand by its traditional Halloween City stores to offer Toy City stores of which will stay open through the holiday season This specific year.

although those locations will be only temporary rentals as well as also Party City does not anticipate using any of them permanently, Dan Sullivan, Party City’s CFO, told CNNMoney.

CNNMoney (brand new York) First published June 25, 2018: 3:01 PM ET



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