Toys R Us filed for chapter 11 bankruptcy back in September, hoping to restructure the company and come back stronger than ever, but now according to multiple reports, the company is filing for Chapter 7 bankruptcy - liquidation.
"From product expertise to in-store events, independent retailers are connected to their customers and their community in ways unmatched by online or mass market", said Kimberly Mosley, President of the American Specialty Toy Retailing Association, in a news release about the survey. The announcement is expected to happen this week, when the retailer is scheduled to appear in court for a bankruptcy hearing, the Wall Street Journal reported.
Toys "R" Us in Wilmington was not able to comment on if or when their store would close, and the manager referred WECT to contact their corporate media relations. Toys R Us in January had announced it was going to shut down 182 locations, including five in upstate NY. Auto seats and strollers are marked down by around 20 percent, while toys are marked down as much as 50 percent. That could spell the end of Toys R Us as we know it.
And a couple of companies, like Kohl's and J.C. Penney, have reportedly been expanding their toy departments as more Toys R Us stores close. "Our stores are open for business, ready to bring joy to children wherever we can, and to help new and expecting parents navigate raising a family".