Toys 'R' Us said to miss vendor payments

14 March, 2018, 02:09 | Author: Regina Silva
  • Toys 'R' Us said to miss vendor payments

Although Toys "R" Us first filed for bankruptcy back in September of previous year, it wasn't until after the holiday season that the company's true struggle became apparent. Toys R Us in January had announced it was going to shut down 182 locations, including five in upstate NY. Toys R Us filed for bankruptcy in September.

The company also operates a Toys R Us and Babies R Us store across from Colonie Center and a Toys R Us store in Clifton Park that were not included on the list of closures but would be affected by the retailer's liquidation.

A survey of about 850 independent retailers by the firm Advocates for Independent Business found that small retailers believe their "smaller size and greater understanding of their local markets" makes them more nimble than chains like Toys R Us and better at responding to shifts in the retail industry. Squeezed by giants Amazon.com and Walmart, and hobbled by $5 billion in debt, the retailer that once dominated toy sales in the US filed for bankruptcy protection back in September.

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The bleak situation lends evidence to the notion that Toys "R" Us is moving toward winding down its USA operations for good. Officials are said to be losing hope that lenders can agree on terms of a debt restructuring, but the company has declined to comment on the speculation. The announcement is expected to happen this week, when the retailer is scheduled to appear in court for a bankruptcy hearing, the Wall Street Journal reported.

The struggles of Toys R Us have taken a toll on the two largest USA toymakers, Hasbro and Mattel. Shares of those companies fell on Friday after Bloomberg reported about the possible liquidation, then dipped again today over concerns about missed vendor payments.

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