Toys “R” Us To Close Or Sell All Their US Stores
Earlier today, it was announced that Toys R Us in the UK would be closing down and rumors that the U.S division was also at risk for a few days following it going into Bankruptcy last year.
Now the Wall Street Journal has reported that employees at Toys R Us in the U.S were told on Wednesday that the company will be selling or closing all its U.S. stores. This will threatens up to 33,000 American jobs in the coming months.
Chief Executive David Brandon delivered the company’s fate to workers at its Wayne, N.J., headquarters.
“I have always believed that this brand and this business should exist in the U.S. They will all live to regret what’s happening here,” Mr. Brandon said.
This will also affect stores globally, including France, Spain, Poland and Australia. The company is also planning to sell its operations in Canada, Central Europe and Asia.
“We’re putting a for sale sign on everything. Frankly, all anyone has to do is offer one dollar more that is being offered by liquidation firms. The company will pay workers at least 60 days of salary and benefits.” Mr. Brandon told employees.
The company plans to file liquidation papers on Wednesday evening in advance of a bankruptcy court hearing on Thursday. So expect to hear officially soon.