Toys R Us plans to trim US stores to keep trading
New York — Toys R Us plans to close about 180 US stores as part of a reorganisation plan to emerge from its September bankruptcy, according to a court filing. The move to shutter about 20% of its US store base, which needs court approval, comes four months after the world’s largest toy chain filed for protection from its creditors, a response to years of lacklustre results and an unsustainable $5bn debt load. The closures will begin in February, with Babies R Us locations accounting for at least half of them. It was reported in December that the retailer would close as many as 200 stores. Toys R Us had a challenging Christmas shopping season in the US and overseas, CE Dave Brandon wrote in a letter to employees seen by Bloomberg News. While the bankruptcy hurt customer confidence and disrupted other parts of the business, the company has made operational mistakes that need to be fixed, he said. The closures include the Toys R Us store in Wayne, New Jersey, where the company is based...
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