Toys R Us Files for Bankruptcy Prior to the 2017 Holiday Season [UPDATED]
One of our favorite childhood stores, which is also one of the world's largest toy retailers is facing trouble before the holiday season even gets started.
Toys R Us has filed for Chapter 11 bankruptcy according to CNBC.com. Bankruptcy comes ahead of the busiest time of the year for the iconic toy store. According to the report, Toy R Us is struggling to pay a $400 million dollar debt due in 2018.
The company will close stores that under perform and stores will also get a makeover according to a report from the USA Today.
The toy store giant has also been hurt by online sales. Amazon is currently number 2 for toy sales right behind Walmart. No word on any store closings due to the bankruptcy issues.
I have such found memories of shopping at Toys R Us when my boys were small. My wife and I would be armed and ready with our boys' Christmas lists. I used to love walking down the aisles of Toys R Us and filling an entire shopping cart filled with toys in less than 15 minutes. Of course, my wife and I would have to go out for a drink after to ease the pain of spending way too much for our boys for Christmas!
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