Last week, Toys "R" Us announced it had begun the process of shuttering its 700-plus remaining U.S. stores, leaving a number of analysts and toymakers questioning the long-term fate of the industry. If there's a silver lining in this mess, it's the recent report about KB Toys" potential return and the possibility it could take over some of the Toys "R' Us stores which are about to close down.
"It is with great regret that we have made the hard decision to make 98 people redundant at the company's distribution centre in coventry", joint administrator Simon Thomas said.
Kassoff said he's working on deals with Hasbro, Mattel and 200 smaller toy makers "that have inventory but no place to sell it", according to CNN. Retail Group, and Party City Holdco Inc. Kids are still playing with toys, Lennett said, and parents will look to other retailers to purchase them.
"We're talking to companies that know how to do it, they have a methodology, they're used to rolling out stuff real quickly", he said. Overall, the store was a sad vision of what's to come as Toys R Us closes locations.
After the holiday shopping season ends, Kassoff will decide which of the pop-up stores will become permanent, based on their performance and whether he can negotiate a lease. The company filed for Chapter 11 bankruptcy and agreed to a restructuring plan to reduce its debt by $1.9 billion.
If you haven't heard by now, I'm sorry I have to be the one to break it to you, but Toys R Us is going out of business.
"We compared Amazon, Bye Bye Baby, Babies "R" Us and Target".