Many adults will no longer be able to pass on the legacy of being “a Toys R Us” kid as the company is planning to close all 800 of its U.S. stores six months after filing for bankruptcy. The Wayne, New Jersey based company has been in business for 70 years. That also means that as many as 33-thousand people across the country will lose their jobs.
How did it happen? Back in 2005, a leveraged buyout led to issues paying down eight-billion-dollars in debt. Competition from retailers such as Walmart, Target and other big-box retailers as well as online marketplaces such as Amazon also proved to be too much to overcome.
Use those gift cards before they expire!
Source: USA Today