Toys R Us closure in the US the end of an era, but local operations are not affected
Johannesburg/Chicago/Bengaluru — Toys R Us in SA‚ Namibia and Zambia are unaffected by the toy chain liquidating its stores in the US, where it closing 735 outlets after failing to find a buyer or reach a deal to restructure billions in debt. SA marketing manager Nicole Annells said its local growth in revenue was "solid", adding: "Toys R Us and Babies R Us SA have experienced phenomenal growth‚ having opened seven new stores in 2017." "Although these challenges will have ramifications on the global toy landscape‚ it must be clear that Toys R Us and Babies R Us SA are privately owned South African enterprises‚ which merely pay a royalty to utilise the brand names and operate completely independently from their global counterparts‚" Annells said on Thursday. Toys R Us announced late on Wednesday that it is liquidating all its stores in the US. "This is a profoundly sad day for us as well as the millions of kids and families we have served for the past 70 years‚" CEO Dave Brandon said...
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