Toys R Us liquidation sales have started at about 170 stores across the country after the toy retailer won federal bankruptcy approval to start shutting them down. It's time for some early or late Christmas shopping.
The well-known toy store chained had filed a motion last month to close up to 182 or one-fifth of its 880 stores, the Bergen County Record reported. Some stores since then won reprieves after negotiating deals with their landlords.
Discounts and promotion offers at the closing locations will be specific to those stores only, one of the liquidators said on Wednesday, but the stores will continue to honor customer programs, which include gift cards and credit card specials.
(Here is a list of the stores.)
"Not only will the sale provide loyal customers from coast to coast the opportunity to purchase their favorite products at significantly lower prices, it will also include new merchandise at even deeper discounts," said a consortium representative handling the closings.
"Due to these substantial reductions, we encourage consumers to shop early to take advantage of the best selection of products available while supplies last."
NJ.com reported that Toys R Us laid off about 15 percent of its headquarter staff in Wayne, New Jersey last year.
Gordon Brothers Retail Partners and Hilco Merchant Resources will handle the liquidation and closings in the eastern half of the country, and Tiger Capital Group and Great American Group will do the same in the West.
"The reinvention of our brand requires that me make some tough decisions about our priority and focus," Dave Brandon, chief executive officer and chairman, said in a Toys R Us statement. "To that end and following a top-to-bottom assessment of our business, we have decided to close a number of our U.S. stores.
"… The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company that will provide a level of service and experience you should expect from a market leader. … During this time, we welcome you to take full advantage of the deep discounts and deals available."