Reports–Toys R’ Us Could Go Under In a Week or Two, Including Tri-Cities
Spokespeople for the struggling toy retailer declined comment, but multiple sources are reporting Toys R' Us could go out of business as early as next week, or the next.
KTLA-TV in Los Angeles reported Friday multiple reports on Wall Street say the last remaining giant toy chain could close it's stores soon. The say the store went into what's called 'administration' across the ocean in the U.K., reportedly paving the way for closing here.
Bloomberg Daily News reported Thursday the chain is prepping for liquidation of all of it's assets, and a closing could be happening very soon. The company went into bankruptcy last September, but efforts to find a buyer or other financial solution have failed. A $3.1 billion dollar loan late last year that was supposed to help with the restructuring didn't work.
Apparently their overseas stores fared poorly which hurt the company even more. Those non-U.S. stores were not part of the Chapter 11 restructuring.
KTLA says if the store does go under, it will really hurt toy makers Mattel and Hasbro, as about 10% of their total business is with Toys R' Us.
We did not call the local Kennewick store, as in previous such actions by other companies who have outlets here, we were referred to corporate or regional officials.
So the watch begins to see if an 11th hour reprieve in the form of a buyer or some sort of financial settlement can be made.