Charles Lazarus, who founded Toys ‘R’ Us, has died.
The retailer confirmed that Lazarus, 94, died Thursday morning. He no longer had any ownership position in the chain, but he started the company when he was 24 years old in 1948. He served as CEO until 1994.
“There have been many sad moments for Toys”R”Us in recent weeks, and none more heartbreaking than today’s news about the passing of our beloved founder, Charles Lazarus. Our thoughts and prayers are with Charles’ family and loved ones,” the company posted on Twitter.
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Toys ‘R’ Us Inc. voluntarily filed for relief under Chapter 11, in September 2017. Toys R Us was $5 billion in debt, as of April 29. At the time of bankruptcy, the company said it would close about one-fifth of its store locations. Closing sales are expected to conclude in April.
The retailer will shut or sell all of its 735 U.S. stores. Customers should use any gift cards before April 20.
Toys “R” Us liquidation sales are expected to start on Friday. Approximately 31,000 employees will ultimately be laid off due to the store closings. The retailer has locations in Miami Twp. and Beavercreek.
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