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Home / Business / Goodbye, Geoffrey: R Us Toys closing its last stores – CBS News 8 – San Diego, CA News Station

Goodbye, Geoffrey: R Us Toys closing its last stores – CBS News 8 – San Diego, CA News Station



NEW YORK (AP) – Toys R Us closes its last US stores by Friday, the end of a chain known to generations of children and parents for its sprawling businesses, the colorful logo and Geoffrey, the giraffe mascot.

But many of the children who happily sang "I do not want to grow up, I'm a toy R Us kid" Jingle grew up in busy parents who found online shopping more convenient. The company, which included the Babies R Us chain, was burdened by $ 5 billion following a leveraged buyout that left it unable to invest and maintain.

When the last US stores close, more than 30,000 workers will be looking for work. The problems of Toys R Us have also shaken up some big toy manufacturers like Mattel and Hasbro.

Customers who were still dedicated will be looking elsewhere. Retailers like Walmart and Target are expanding their playing fields to fill the hole, while Party City is opening 50 pop-up toy stores this fall.

Toys R Us applied for the Chapter 1

1 reorganization last fall, promising to remain open for bad sales during the critical holiday season when customers and suppliers shied away. In January, it announced plans to close about 180 stores, but in March it was said it would liquidate the rest of the over 700 stores.

Will the toys and we mascots disappear forever? An auction for the company name, baby shower register and various brands is scheduled for the end of July. The 16-foot statue of Geoffrey the Giraffe, which welcomed visitors to the Toys R Us headquarters in Wayne, New Jersey, is being moved to a children's hospital in the state.

Many longtime employees were hoping to retire in one place

"I'll never have a job like Toys R Us," said longtime clerk Patty Van Fossan, 54, from Boardroom, Ohio, who joined a group of Workers involved in protests in New York are fighting for severance pay, which they believe are owed. "It was the best job I had, I was surrounded by kids."


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