The Wall Street Journal: Toys ‘R’ Us will sell or close all U.S. stores, CEO tells employees

Toys ‘R’ Us Inc. told employees Wednesday the struggling big-box retailer will sell or close all its U.S. stores, a collapse that threatens up to 33,000 Americans jobs in the coming months.

The 70-year-old chain, which filed for bankruptcy protection in September, has more than 700 remaining U.S. locations, including Babies ‘R’ Us stores. It would be one of the biggest retail liquidations since The Sports Authority filed for bankruptcy in 2016 with 14,500 workers and closed more than 460 stores.

Chief Executive David Brandon delivered the company’s fate to workers at its Wayne, N.J., headquarters. The company plans to file liquidation papers Wednesday evening in advance of a bankruptcy court hearing on Thursday.

“I have always believed that this brand and this business should exist in the U.S.,” Brandon said on a conference call with staff, adding that he guarantees that vendors who failed to support the retailer during the holidays and customers who shopped elsewhere will miss the retailer. They “will all live to regret what’s happening here,” Brandon said.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

One woman rolls her eyes and captivates a nation.

How your returns are used against you at Best Buy, other retailers.

Filed in: Top News Tags: 

You might like:

The Wall Street Journal: Iran says it opposes OPEC plan to raise oil output The Wall Street Journal: Iran says it opposes OPEC plan to raise oil output
In One Chart: And the most American-made car is… In One Chart: And the most American-made car is…
The Wall Street Journal: Acclaimed conservative columnist Charles Krauthammer dies at 68 The Wall Street Journal: Acclaimed conservative columnist Charles Krauthammer dies at 68
The New York Post: Trump administration asks to house up to 20,000 migrant children on military bases The New York Post: Trump administration asks to house up to 20,000 migrant children on military bases
The Wall Street Journal: AmTrust shareholders vote to go private in $2.95 billion deal The Wall Street Journal: AmTrust shareholders vote to go private in $2.95 billion deal
Mutual Funds Weekly: Take your investments to the venture fund level with just five $20 bills Mutual Funds Weekly: Take your investments to the venture fund level with just five $20 bills
MarketWatch First Take: Intel must do something it has never done after inglorious exit for CEO MarketWatch First Take: Intel must do something it has never done after inglorious exit for CEO
Intel has a golden opportunity as CEO Brian Krzanich leaves company Intel has a golden opportunity as CEO Brian Krzanich leaves company

Leave a Reply

Submit Comment
© 2018 Stock Investors News. All rights reserved. XHTML / CSS Valid.