Toys R’ Us, the American retail giant is in trouble and beginning to close down operations at home and in several countries around the world.
in the United States, it will begin closing its 740 stores, putting some 30,000 employees out of work.
Toys ‘R’ Us was hurt by the shift to mobile devices taking up more play time. (Cole Burston/CP)
In Canada, the future of 82 stores that operate separately, is said to be sound as a buyer may be interested in acquiring them.
The Associated Press reported that CEO David Brandon told employees today that the company’s plan is to liquidate all of its U.S. stores, according to an audio recording of the meeting it received.
Brandon said Toys “R” Us will try to bundle its Canadian business, with about 200 U.S. stores, and find a buyer.
Its businesses in Australia, France, Poland, Portugal and Spain, are also going to be closing according to the recording.
Toys R’Us had already begun closing its stores in the United Kingdom.
The company would be left with stores in Canada, central Europe and Japan, where it believes it can find buyers for those assets.
Toys R’Us online store will continue running in the U.S. for the next couple of weeks in an effort to find a buyer for it.
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