Toys R Us is expected to reopen business in time for the 2019 Christmas season.
Although the toy retailer closed last year, it is expected that Toys R Us will open an e-commerce website and several stores in the US later this year, Bloomberg said.
The new stores are expected to have about one-third the size of traditional Toys R Us stores, but with play areas and other experiences, the outlet reported. To reduce costs, stores could use a consignment stock model that allows the company to return unsold items, Bloomberg reported.
A former company executive, Richard Barry, has attempted to bring these back to the chain by introducing his ideas to toy manufacturers, sources told The Outlet. Barry is now CEO of Tru Kids, Inc., a new company that acquired the Toys R Us brand earlier this year.
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The new company will be led by Barry, the former Chief Merchandising Officer of Toys R Us, as well as other seasoned toy managers.
"We have the unique opportunity to write the next chapter of Toys R Us by introducing a novel omnichannel retail experience for our popular brands here in the US," Barry said in a statement announcing the plans
Barry added that despite unprecedented efforts to capture US market share in the past Christmas season, other retailers still have a significant gap and a large consumer share, a demand driven by the decline of Toys R Us
He said that both brands still have a strong market position and continue to have brand affinity and loyalty with more than 9.5 million followers in their social media channels.
] Barry told The Associated Press, that he and his team are still working out all the details on the timing and style of the brand's reissue, but one To plan an official relaunch in any form until Christmas. He also said that e-commerce will play a key role in the brand's future.
In September 2017, Toys R Us filed for the reorganization of Chapter 11 and liquidated its business in March of last year, after having lost billions of debts and fierce competition from online retailers such as Amazon and Walmart.
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Tru Kids is headquartered in Parsippany, New Jersey, about 20 minutes' drive from Jersey, Jersey, where Wayne, NJ, was previously Toys R Us was resident.
FOX Business & # 39; s Jade Scipioni contributed to this report.