Hello and welcome to Newsflash, where I talk about news. Today's story is about Toys R Us and it's liquidation. Toys R Us was a toy store founded in the 40s by a person named Charles Lazarus (whom died a couple days after the story arose) and grew into a giant. But they fell, and hard.
Back in November of 2016, Toys R Us had a lot of debt. Like, $5B in debt. So, Toys R Us was bought out by three firms and they borrowed lots of money from their banks, and they promised to pay their debt back to the bank; any other person would do the same thing. They were bought out by Kohlberg Kravis Roberts, Bain Capital Partners LLC and Vornado Reality Trust, all of which were private. So Toys R Us went private and everything was normal right? Right? Sort of; they bought out 3 toy websites and got a chunk of KB Toys' dead corpse and got more debt. Then, it became too much. They filed for bankruptcy protection and it got worse and worse until..
On the 14th of March, 2018, Toys R Us announced they would sell all of their stores in the United Kingdom and just the next day, announced that all of their 830+ stores in the United States and beyond would be liquidating and closing. Many toy collectors and adults were sad that a bit of their childhood, going in and picking a toy or bike or heck, even video games or consoles, were gone. The story was all around the news across the world and all 1758 stores worldwide would either be sold off or closed including but not limited to: Australia, Portugal, Finland, Canada, the UK, Russia, Japan, South Korea, South Africa and many more countries. Today as of now, they are running liquidation sales in the US and the UK but apparently is normal in countries like Australia (I actually live near one in Australia and it feels weird). In conclusion, Toys R Us was bought out by private firms that took in too much debt (and Mitt Romney was in it?), bought many things and took on debt and filed for liquidation and closed down. I guess there are no more Toys R Us Kids..
RIP Toys R Us: 1942 - 2018
On the 14th of March, 2018, Toys R Us announced they would sell all of their stores in the United Kingdom and just the next day, announced that all of their 830+ stores in the United States and beyond would be liquidating and closing. Many toy collectors and adults were sad that a bit of their childhood, going in and picking a toy or bike or heck, even video games or consoles, were gone. The story was all around the news across the world and all 1758 stores worldwide would either be sold off or closed including but not limited to: Australia, Portugal, Finland, Canada, the UK, Russia, Japan, South Korea, South Africa and many more countries. Today as of now, they are running liquidation sales in the US and the UK but apparently is normal in countries like Australia (I actually live near one in Australia and it feels weird). In conclusion, Toys R Us was bought out by private firms that took in too much debt (and Mitt Romney was in it?), bought many things and took on debt and filed for liquidation and closed down. I guess there are no more Toys R Us Kids..
RIP Toys R Us: 1942 - 2018
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