Parents may have one less shopping destination as Toys “R” Us is preparing to liquidate its American stores, according to the Wall Street Journal. Toys “R” Us isn’t commenting yet, but Bloomberg reports unnamed sources close to the company say the bankrupt retailer has failed to find a buyer or restructure its debt.
Back in January the company announced plans to close hundreds of U.S. Toys “R” Us and Babies “R” Us stores, and to remodel others as co-branded locations. Liquidation sales at some of those stores began last month.
The news that all the stores will reportedly close signals the end of a retailer that was a big part of many childhoods, but it’s hardly sudden.
As consumer traffic has moved online, brick and mortar brands like Toys “R” Us have seen less foot traffic and declining sales. This, combined with a 2005 buyout that burdened the company with debt and interest payments, spelled the end for the home of Geoffrey the Giraffe.
It seems it’s been a long time coming, but we don’t know yet when the rest of the liquidation sales (the silver lining for parents) will begin. When they do, you might want to get down to your local Toys “R” Us to say goodbye to Geoffrey and do some early Christmas shopping.