"The company is now moving forward to liquidate all of its US operations and close all of its retail locations in the US", Toys R Us said in a March 15 letter delivered by FedEx to Toys R Us employees. Now, one of its biggest rivals, a company blamed for its likely demise, may decide to swoop in as it doubles down on its own branded store locations.
Toys "R" Us, Inc., toy and baby products chain, was among the America's largest private companies in 2017, with sales of $11.54 billion by fiscal year end 31 January 2017. Rivals including e-commerce giant Amazon.com Inc.
The news comes as Amazon seems to be expanding its brick-and-mortar presence.
Toys "R" Us has said it's closing or selling its 740 stores as well as its worldwide operations, with filings showing the company has received "several" non-binding offers for all or parts of the European business and has asked for offers for the Asian-Pacific business by early April. The company bought Whole Foods Market previous year and also has a line of bookstores.
A buyer could potentially still operate some US stores from a Canadian base.
"Toys "R" Us Canada is a good business", CEO Isacc Larian said in a statement last week.
Monica Horton with the Better Business Bureau joined Anchor Jake Garcia on Monday during our noon newscast to speak about gift cards and their drawbacks when the store goes out of business. The company has begun liquidating its more than 700 US locations, but is holding off at its 200 best stores for the next few weeks. Al-Futtaim is a retailer for Toys "R" Us in six countries including Bahrain, Egypt, Kuwait, Oman, Qatar and the U.A.E.