No Longer a Toys R Us Kid.
Toys R Us filed for liquidation today, marking an end to over 70 years in the business. Once a huge player in the video game business, Toys are Us filed for the closure and liquidation of its remaining stores, loosing out to stores like Target and online retailers like Amazon.
The old guard store was widely known as the store to get toys and video games in the US during the 80’s and 90’s. All of it’s major competition such as KB Toys went down years in the past. Toys R Us could not compete with other stores pricing toys at very low margins and online retailers like Amazon that often offered toys at a loss.
I have many fond memories of our local Toys R Us store on 28th Street in Grand Rapids, MI, but even on one of the busiest roads in West Michigan didn’t save it. After the adjoining Babies R Us closed at the beginning of this month, the store seemed doomed.
Toys R Us expects to close all of its stores, lay off all of its 30,000 employees in the coming months and to sell all of its inventory and real estate to pay debtors after a leveraged buyout by private investors several years ago. This ends all major specialty toy stores in the US. It is the end of an era in retail.
Do you have any memories of this former giant? Comment below!