In addition, NPD data shows that 70% of sales through Toys "R" Us were for an occasion like a birthday (23%) or Christmas (34%), and that almost 70% of toys purchased at Toys "R" Us were chosen because kids asked for that specific product or brand. The business announced it filed for bankruptcy earlier in March, but started out-of-business sales in February at different stores across the U.S.
Toys R Us last week announced plans to close all 800 of its stores in the United States after filing for Chapter 11 bankruptcy last fall. Bain is the same company that bought Toys "R" Us and took it private in 2006, a process that left the toy company saddled with $5.3 billion in debt, from which it never recovered. At that point, the stores will close for good, though the company is working on a package deal to sell its Canadian operations that could keep up to 200 profitable USA stores open. A representative of Babies R Us couldn't be reached about the timing of its inventory liquidation. With majority of their 3000+ stores located in malls, the teen jewelry company has been suffering from a decline in traffic in shopping malls.
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Toys R Us' liquidation includes a plan to close or sell all 735 of its remaining stores, but sales at these additional stores aren't set to begin until Thursday in at least some locations. The exception, they note, is Ollie's Bargain Outlet, which typically sells at deep discounts year round. "Also, if you're making a purchase, understand it's a final sale". Time will tell if this is just the beginning of the end for other retail giants that are struggling to keep up with online prices.