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Home / Business / Toys & # 39; R & # 39; US closes remaining US stores Friday CBS Denver

Toys & # 39; R & # 39; US closes remaining US stores Friday CBS Denver



(CNN Money) – The End is finally here for Toys "R" Us stores in the US. The toy retailer will close its remaining 200 stores on Friday.

Toys "R" Us filed for bankruptcy in September to turn around. But terrible Christmas sales have relied on life support. The chain had 735 US stores when it announced plans to retire in March.

The 70-year-old company will continue in several other countries, such as Canada.

In addition to competition from major retailers and online rivals such as Amazon, Toys "R" Us was doomed to failure by an unsustainable debt burden that resulted from the privatization of KKR, Bain Capital and the Vornado real estate company in 2005 sentenced.

Employees now say they plan to fight the company because it does not pay their employees a severance pay. The 31

,000 US soldiers received only a period of 60 days, as required by federal law.

At the Boynton Beach store, employees posted signs saying "Toys & # 39; Us Employees Make Compensation" and "Bain Capital, KKR, Vornado Realty, Toys R Us, Employees Want Theirs Dinero, money, cash flow. "

The main reason employees are upset is that they get nothing. Prior to filing for bankruptcy, managers received millions.

Madelyn Garcia, who has been with the company for 30 years, told the Palm Beach Post that employees earn something because they lost time with their families during the holidays and because they are the true foundation of the company.

"We get customers coming in and giving us hugs," Garcia said.

Buyers will find deep discounts, but little in the way of goods on the shelves of the remaining stores. Garcia said her store was largely empty.

She said she still has about 45 employees, some from other stores that have already closed. She has not found a new job yet.

"I am confident that I will find something together with the rest of the team," Garcia said. "But it's hard to find a job and conduct interviews when you're trying to close your shop."

Some of the stores opened now will not make it until Friday. For example, Garcia's store will close on Thursday.

The toy industry will have to accept a decline in sales from the closure of the chain.

Large-packaging retailers such as Walmart and Target had already surpassed Toyos "R". We sold a total of toys, but the chain was an important place for toy manufacturers to sell their entire product line. Both Hasbro and Mattel reported, according to the companies in the first quarter revenue losses of several ten million dollars.

Toys "R" Us indicated that it is trying to find new tenants for its stores

On Monday, Party City announced that it would use 50 of the locations for its seasonal "pop-up" stores would expand from its traditional stores in Halloween City to offer Toy City stores that remain open during the holiday season this year.

But these sites will be only temporary rents and Party City does not expect to use any of them permanently, said Dan Sullivan, Party City CFO, CNNMoney.

The-CNN-Wire
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