Toys R Us is closing its last U.S. stores by Friday, the end of a chain known to generations of children and parents for its sprawling stores, brightly colored logo and Geoffrey the giraffe mascot.
But many of the children who happily sang the "I don't wanna grow up, I'm a Toys R Us kid" jingle grew into busy parents who found shopping online more convenient. The company, which also owned the Babies R Us chain, was hobbled by $5 billion in debt after a leveraged buyout that left it unable to invest and keep up.
As the last of the U.S. stores close, more than 30,000 workers will be looking for work. Toys R Us' troubles have also shaken some big toy makers like Mattel and Hasbro.
Customers who were still devoted will be looking elsewhere to shop. Retailers like Walmart and Target are expanding their toy aisles to fill the hole, while Party City is opening 50 pop-up toy shops this fall.
Toys R Us filed for Chapter 11 reorganization last fall and pledged to stay open, but had poor sales during the critical holiday season as customers and vendors shied away. In January, it announced plans to close about 180 stores, but then in March it said it would liquidate the rest of the 700-plus stores.
Will the Toys R Us name and mascot disappear forever? An auction for the company's name, baby shower registry and various trademarks is set for late July. The 16-foot tall statue of Geoffrey the Giraffe that greeted visitors at Toys R Us headquarters in Wayne, New Jersey will be moved to a children's hospital in the state.
Many long-time employees were hoping to retire at a place they called home.
"I'm never going to have a job like Toys R Us," said long-time employee Patty Van Fossan, 54, from Boardroom, Ohio, who was among a group of workers at protests in New York, fighting for severance that they believe they are owed. "It was the best job I had. I was surrounded by children."
—————
Follow Anne D'Innocenzio: http://twitter.com/ADInnocenzio
It seems like it is finally time to say goodbye to Toys "R" Us, and the longtime toy retailer released a new message to fans before the doors close for good.
The aisles of various Toys "R" Us' around the United States have been looking increasingly bare, and as we come to the last day the former toy giant is open they released a video of fans saying bye to the store that kickstarted being a Toys "R" Us kid.
"Toys R Us Closing Sale Final Day of Shopping all remaining US store Locations close closing. #toysrusclosingsale #toysrus #babiesrus #toyrus."
Fans are sharing their own photos of local stores, which if still open are looking pretty sparse, with some even having their entrance signs removed.
CEO Dave Brandon was quite disappointed things came to this in his official statement on the closings.
“There are many people and organizations who have remained in our corner every step along the way," Brandon said. "I want to thank our extraordinary team members who helped build Toys “R” Us into a global brand. I also want to express my appreciation for my colleagues on our board who have continued to provide support to sustain the brand and our operations throughout the restructuring process. I would also like to thank our vendors who we owe a great deal of gratitude to for their decades of support. This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”
Now recent reports indicate there could be some hope for a Toys "R" Us revival, but that would be a reboot of the store chain as opposed to saving the stores that are already there. In that case, the brand could return, but for now, we'll just have to wait and see.
Let us know your favorite memory from Toys "R" Us in the comments!
BOYNTON BEACH, Fla. - Controversy is brewing on the final days of Toys "R" Us.
Employees now say they are planning to fight the company because it isn’t paying severance to its workers.
At the store in Boynton Beach, employees hung signs saying "Toys 'R' Us employees deserve severance pay," and "Bain Capital, KKR, Vornado Realty, Toys "R" Us, employees want their dinero, money, cash flow."
The main reason employees are upset is because while they are getting nothing. However, executives were paid millions in bonuses right before filing for bankruptcy.
Madelyn Garcia, who has been with the company for 30 years, told the Palm Beach Post that employees deserve something since they have given up time with their families on holidays and because they are the true foundation of the company.
Garcia says right now it is hard to find a job because they are still trying to close their store down.
Toys "R" Us has had to shell out a lot of money to law firms and auditors during its bankruptcy and liquidation. Reports indicate that employees for those firms are charging up to $1,273 an hour.
The store located in Boynton Beach doesn't have much merchandise left, however everything must go; which means that shelves, carts, cash registers and fixtures are all on sale.
Whatever isn’t sold will be taken care of by liquidators.
Toys "R "Us filed for bankruptcy in September.
The Boynton Beach and Jensen Beach locations close Thursday, while Palm Beach Gardens closes Friday.
Jessica Remo | NJ Advance Media for NJ.com
By Jessica Remo | NJ Advance Media
If you're looking to wallow in sorrow, just visit your local Toys R Us this week.
It's a sad, sad scene as the beloved toy retailer takes its last few breaths and puts poor Geoffrey out to pasture.
At the Woodbridge location, lingering toys and baby gear — discounted up to 90 percent — sat on shelves in the front of the store. Beyond the first shelves, the cavernous space held only empty fixtures (also for sale).
Toys R Us has said all locations will be closed by Friday, and some have already closed.
Here, a peek inside.
