This ad will be closed automatically in X seconds.

Now Toys R Us begins US liquidation

Retailer to begin ‘orderly wind down’ including sale or closure of hundreds of stores.

Toys R Us has made its liquidation in the US official, beginning an ‘orderly wind down’ of the business which will include the sale or closure of hundreds of stores.

The news follows the confirmation yesterday (March 14) that the retailer will close all of its stores in the UK after administrators failed to find a buyer.

Documents have been filed with the bankruptcy court, ultimately leading to the closure or sale of around 800 US stores.

A statement from ceo Dave Brandon said: “This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”

However, according to CNBC, the company may be able to save 200 stores to operate under the Toys R Us brand in the US in a deal with its Canadian business.

The new entity would be operated out of Canada. It is in talks with several parties about the potential deals, including some of its lenders.

Toys R Us also said that it is pursuing a reorganisation and a sale process for its businesses in Asia and Central Europe including Germany, Austria and Switzerland.

Its businesses in Australia, France, Poland, Portugal and Spain are considering their options, including a potential sale.

Want to read more news like this? Simply sign up to our daily digest by clicking here. You can also follow @LicensingSource on Twitter.

MORE NEWS
BenandCraigBlueKangaroo500x500
 
The creative agency has welcomed Ben Laskey, creative director, and Craig Gordon, design director, to its board of directors....
JazwaresCobraKai500x500
 
Jazwares Game Studio is collaborating with Sony Pictures Consumer Products to introduce the official Cobra Kai: Karate Legends gaming experience to the Roblox platform....
RuggableGoop500x500
 
“For this project, we blurred form and function to create an elevated collection of organic neutrals with motifs and textures inspired by our travels.”...
EmojiOneEast500x500
 
A number of activations involving the emoji brand are currently taking place at One East and Mosaic Shanghai, following a deal between The emoji company, Mandy Group and Medialink Group....
job
 
Natural History Museum is looking to hire a licensing manager to further grow its commercial and visitor experience department....
TFwinners24500x500
 
Over 270 industry executives took to the streets around Embankment and Westminster last night (17 July) for the popular summer treasure hunt in aid of The Light Fund, raising more than £8,000 in the process....
Get the latest news sent to your inbox
Subscribe to our daily newsletter

The list doesn't exist! Make sure you have imported the list on the 'Manage List Forms' page.