Toys R Us will close another 200 stores: report
Struggling retailer Toys R Us will close another 200 stores, in addition to the 182 closures it announced last month, according to a Wall Street Journal report (subscriber story).
The company, which is reorganizing under the Chapter 11 bankruptcy process, also intends to make considerable staff cuts at its corporate offices in Wayne, New Jersey. The report also said plans to provide dismissed employees with severance pay are being walked back. This would come after a bankruptcy court reversed course and approved hefty bonuses for top-level executives for meeting certain earnings benchmarks.
The Toys R Us store in Slidell is among those slated for closure in the January announcement. Its remaining Louisiana locations are in Metairie, Baton Rouge, Lafayette, Bossier City, Monroe and Lake Charles.
A list of the latest sites to be shuttered has not been made public yet, though the company told the Wall Street Journal that “discussions about the store closures are continuing, and the number of closures could change.”
Last month, the company said it might reconfigure some of its existing Toys R Us locations to share them with Babies R Us stores. It filed for bankruptcy in September 2017, and executives have said they plan to emerge as a more modern retailer before the next holiday shopping season. Like other brick-and-mortar chains, it has struggled to keep pace as shoppers have migrated online.http://www.nola.com/business/index.ssf/2018/02/toys_r_us_will_close_another_2.html#incart_most-read_