Toys”R”Us,
Inc. today affirmed that the Company’s approximately 1,600 Toys”R”Us
and Babies”R”Us stores and e-commerce sites around the world will
remain open for business despite it implementing a court-supervised process
in the United States and Canada that will allow the Company
to restructure its finances. Operations
in Europe and Australia and its approximately 255 licensed
stores and joint venture partnership in Asia, which are separate entities,
are not part of the Chapter 11 filing and CCAA proceedings.
“We
are confident that we are taking the right steps to ensure that the iconic
Toys”R”Us and Babies”R”Us brands live on for many
generations,” said Dave Brandon, Chairman and Chief Executive
Officer. “Our customers around the world can continue to count on an
outstanding shopping experience and excellent service whenever, wherever and
however they choose to shop with us. As the holiday season approaches, our
global team members are ready to serve the millions of kids and families who
will be shopping with us.”
Market
watchers say that, like many other retailers, Toys”R”Us has not fared
well against online pureplay competitors who can operate on tighter margins.
Some suggest the business needs to reduce the number of stores it trades from
and work to introduce a more embracing, unique customer experience for children
and their parents.
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