Jan 24: Toy store chain Toys R Us Inc, which had filed for bankruptcy protection in September, has said that around 180 of its stores in the United States will be closed down in the coming months.
As the toy store chain is making desperate efforts to emerge from one of the largest ever bankruptcies by a special retailer, reports said that the Christmas season witnessed a decline in sales of about 15%.
However, Melanie Teed Murch, President of the Canadian Unit, in a letter to customers said that all the 83 Toys R Us (Canada) Ltd stores shall continue to function.
Like other traditional brick and mortar retailers Toys R Us group too is suffering owing to the fact that an increasing number of consumers prefer shopping online.
The company is currently doing all it can efforts to lure customers back to its stores. As the group is trying to restructure its long-term debt of $5 billion, the future plight of 64000 employees working in 1600 of its stores is at stake.
It remains to be seen what measures the company would undertake to stay afloat in an increasingly e-retailing world.