Toys 'R' Us Going Out Of Business, Closing All Stores

Toys 'R' Us Going Out Of Business, Closing All Stores

Toys 'R' Us Going Out Of Business, Closing All Stores

The company filed for Chapter 11 protection in September, when it seemed it might be able to reorganize its debt while it renovated stores and operations, but those hopes are fading, according to reports in the Wall Street Journal and Bloomberg.

There's no word as of now on what exactly this all means for Babies "R" Us, but seeing as many Toys "R" Us locations also house the baby gear superstore, this could mean that expectant moms may have to look elsewhere when it comes time to create a registry.

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The Toys "R" Us on Ming Avenue posted signs throughout their store following reports that all stores might close.

The note continues by saying "as hard as it will be to loose your toy store my staff will lose their jobs".

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The chain had already announced the shutdown of a Babies "R" Us location in the Holyoke Mall. The New Jersey-based chain is struggling under $5 billion in debt stemming from a $7.5 billion buyout in 2005 by investment firms KKR, Bain Capital and Vornado Realty Trust. Squeezed by giants Amazon.com and Walmart, and hobbled by $5 billion in debt, the retailer that once dominated toy sales in the US filed for bankruptcy protection back in September.

A source told CNBC that Toys R Us is in the process of drafting the court motion for its liquidation plan and the toy store has also not paid some of its vendors this week. Things are even looking a little bleak for larger toy companies like Mattel and Hasbro, which both experienced drops in the stock market once the Toys "R" Us news started flying this month. Rhode Island's Hasbro has its board games manufactured by Cartamundi in East Longmeadow.

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