Report: Toys 'R' Us to close more stores
The nation’s largest toy store retailer is reportedly upping its stores closings — and by a big number.
On the heels of a disappointing holiday season, Toys “R” Us plans to shutter an additional 200 stores and lay off a significant portion of its corporate staff, reported The Wall Street Journal. In January, the retailer said in a court filing it was planning to shrink its U.S. store portfolio by as much as 20% — about 180 locations — as part of a plan to emerge from bankruptcy before the 2018 holiday season.
The discussions about the newest round of store closings are ongoing and the number of closures could change, according to the report. The Journal also said that Toys “R” Us has backed away from an earlier promise to provide severance to all employees impacted by the store closings. Managers were recently instructed to tell hourly workers that “there are no severance benefits being provided for the store-closing process,” the report said, citing internal documents.
On the heels of a disappointing holiday season, Toys “R” Us plans to shutter an additional 200 stores and lay off a significant portion of its corporate staff, reported The Wall Street Journal. In January, the retailer said in a court filing it was planning to shrink its U.S. store portfolio by as much as 20% — about 180 locations — as part of a plan to emerge from bankruptcy before the 2018 holiday season.
The discussions about the newest round of store closings are ongoing and the number of closures could change, according to the report. The Journal also said that Toys “R” Us has backed away from an earlier promise to provide severance to all employees impacted by the store closings. Managers were recently instructed to tell hourly workers that “there are no severance benefits being provided for the store-closing process,” the report said, citing internal documents.