“The reinvention of our brands requires that we make tough decisions about our priorities and focus,” wrote CEO Dave Brandon in a press release. “To that end and following a top-to-bottom assessment of our business, we have decided to close a number of our U.S. stores.”
The closures, which amount to about one-fifth of Toys ‘R’ Us locations, will begin in February with store closing sales, according to a press release from the company. The sales are expected to conclude sometime in April.
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Some former stores will be converted into “co-branded” locations for both Toys ‘R’ Us and Babies ‘R’ Us, according to the company.
Despite the planned closures, Toys ‘R’ US is continuing its customer programs including registries and loyalty programs, according to the company. Toys R Us was $5 billion in debt, as of April 29.
“While our store roster may be getting smaller, what is not changing is our desire or commitment ot serving you,” Brandon wrote. “For the past 70 years, we have worked hard to earn your business and look forward to being champions of play and a best friend to parents everywhere for decades to come.”