X

Toys ‘R’ Us reportedly preparing to close all stores

Credit: DaytonDailyNews

Retail chain Toys R Us has begun shutting down 144 stores nationwide. Seven of the affected Toys R Us and Babies R Us stores are in Georgia. The chain filed for Chapter 11 bankruptcy protection last September. Gift cards and other customer programs will be honored at closing locations, the company said.

Credit: DaytonDailyNews

Toys ‘R’ Us is reportedly preparing for liquidation after failing to find a buyer for its bankrupt U.S. operations.

Sources told Bloomberg that the shutdown of the U.S. division has become "increasingly likely" within the past week. Company officials are losing hope that lenders will agree on terms of a debt restructuring, but company officials declined to comment on the speculation.

» MUST-READ BUSINESS NEWS: Toys ‘R’ Us files for bankruptcy: What’s really going on?

The toy company’s $583 million of first-lien bonds due in 2021 dropped as much as 4 cents on the dollar to 83.9, according to bond-pricing system known as Trace.

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.

» Local Babies ‘R’ Us closing: What we know now about Toys ‘R’ Us closings

At the beginning of 2018, the chain had more than 800 stores before announcing in January that it would shutter 180 stores.

The Babies “R” Us location at 2661 Miamisburg-Centerville Road in Dayton is one of four Toys “R” Us and Babies “R” Us stores in Ohio that are set to close. The other three Ohio locations to be shuttered are in Dublin, Mentor and Western Hills near Cincinnati. Toys ‘R’ Us also has locations in Miamisburg and Beavercreek.

FIVE FAST BUSINESS READS

• JC Penney cuts 360 jobs in stores, corporate headquarters

• Could Dayton see a hyperloop stop? City included in feasibility study

• Macy's outlet store to open at shopping center in Dayton area

• Check out this $1 million home for sale in Clearcreek Twp.

• Tyra Patterson: Every day is a second chance