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.