Thursday, 21 June, 2018

Toys R Us to close additional 200 stores, reports Wall Street Journal

A shopper enters a Toys R Us store in Ohio in a file A shopper enters a Toys R Us store in Ohio in a file
Nellie Chapman | 23 February, 2018, 03:53

Ailing toy retailer Toys R Us is reportedly making preparations to shutter a further 200 stores across the US.

The company recently announced it would close roughly 180 stores, laying off around 4,500 workers.

To go along with the report of Toys R Us closing more stores is talk about what it plans to do with its employees.

There is no list of stores expected to close in the new round yet. This takes the total number of store closings to around 380, with layoffs said to be in excess of 9,000.

According to the Record, if all of the announced closures happen, that would leave Toys R Us with roughly 400 store locations in the USA, down from 880 one year ago. Locations in Albany, Clay, Clifton Park, Hamburg, New Hartford, Johnson City and Rochester were spared.

Meanwhile, CNBC has reported that Toys R Us is potentially at risk of breaching the covenant on one of its loans. The additional closures are thought to be the result of a disappointing holiday season.