Toys ‘R’ Us to Shut Nearly 200 Stores
WAYNE — Toys "R" Us announced it will close nearly 200 stores across the country, including 12 in New Jersey, as part of its plan to emerge from bankruptcy.
"The reinvention of our brands requires that we make tough decisions about our priorities and focus," chairman and CEO David Brandon wrote on the company's website. "The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company that will provide the level of service and experience you should expect from a market leader."
The company currently has 1,600 locations around the world.
According to court documents submitted to U.S. Bankruptcy Court in Richmond, Virginia and posted by Bloomberg, Toys "R" Us has contracted with Gordon Brothers to run store closing sales at 12 New Jersey locations, including:
Toys "R" Us:
Babies "R" Us:
- Cherry Hill
- East Hanover
- Mt. Olive
- North Brunswick
Brandon said that the going-out-of-business sales will begin in early February, with most stores closing by April. He also said some stores will be combined into co-branded Toys "R" Us/Babies "R" Us locations.
The company filed for Chapter 11 bankruptcy last September and said that holiday sales would help determine its future.
Brandon said at the time that the bankruptcy filing provided a path for the company and its investors to work with its debtholders, and other creditors, on restructuring the debt that was beleaguering the pioneering toy retailer.