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Toys R Us files for liquidation bankruptcy

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95X
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Toys R Us files for liquidation bankruptcy

Postby 95X » Tue Mar 13, 2018 7:47 pm

Update! 3-14-18: The company plans to close all US and UK stores.
http://money.cnn.com/2018/03/14/news/companies/toys-r-us-closing-stores/index.html

I don't have the same emotional attachment that some 1980s and 1990s kids had with Toys R Us, even back then the prices were considered expensive and their closest location was miles away despite living in a major metropolitan area. Then along came the prevalence of 16-bit and 32-bit video game consoles so toys seemed irrelevant to me and everyone else around at the time. However it appears Toys R Us will soon be gone for good.
https://www.cnbc.com/2018/03/13/toys-r-us-is-preparing-to-file-its-liquidation-plan-with-the-court.html
Toys R Us, the iconic U.S. retailer, is in the process of drafting the court motion for its liquidation plan, a source familiar with the situation told CNBC on Tuesday.

The retailer could file as soon as the end of Wednesday, making the motion official. It will then begin to wind down the storied toy retailer, after more than half a century in business.

A liquidation will most likely result in the closing of all of Toys R Us' 800 stores in the U.S.

It will be a blow to the toy industry, which has relied on it for supplying row after row of toys and premium pricing. Toys R Us accounted for 15 to 20 percent of U.S. toy sales last year, according to Jefferies analyst Stephanie Wissink.

Last week, it became increasingly clear that liquidation would be the most likely route. Still, as recently as last week, it was placing orders from its vendors and telling employees it was business as usual, sources said.

This week, though, Toy R Us missed a payment to some of its vendors, and was not responsive to calls, sources told CNBC. Bloomberg first reported the missed payment.

The people requested anonymity because the information is confidential. Toys R Us declined to comment.
I think it's a case of changing preferences among kids and the parents that shop for them while the purchasing power of wages fall; necessities like food, clothing, and especially shelter, rise; and there's a stronger argument that buying a phone or tablet can teach children responsibility and how to use technology so they'll be better able to participate in society, whereas traditional toys don't do that.

Others think it's unfair that manufacturers will lose the last retailer dedicated to their business. I think that's just the nature of business, but that's just my opinion.

So, I've given my opinion that Toys R Us was an expensive relic of the past, unable to provide what consumers want in 2018. What's yours?

Title edit on 3-15-18 to indicate the topic of discussion is Toys R Us' bankruptcy and resulting closure; no other topics.
Last edited by 95X on Thu Mar 15, 2018 12:58 pm, edited 2 times in total.
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Adrien Agreste
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Postby Adrien Agreste » Tue Mar 13, 2018 7:51 pm

Oh no D: How will everyone buy toys now?

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Postby Internationalist Bastard » Tue Mar 13, 2018 7:58 pm

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Postby Eternal Lotharia » Tue Mar 13, 2018 8:00 pm

Meh. Gamestop is better.
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Saiwania
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Postby Saiwania » Tue Mar 13, 2018 8:03 pm

Toys R Us' debt problems began in 2005 to 2006. They did a leveraged buyout but their cash flow stopped to where they couldn't service that debt. They borrowed $6.6 Billion.

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Hopeington
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Postby Hopeington » Tue Mar 13, 2018 8:04 pm

95X wrote:I don't have the same emotional attachment that some 1980s and 1990s kids had with Toys R Us, even back then the prices were considered expensive and their closest location was miles away despite living in a major metropolitan area. Then along came the prevalence of 16-bit and 32-bit video game consoles so toys seemed irrelevant to me and everyone else around at the time. However it appears Toys R Us will soon be gone for good.
https://www.cnbc.com/2018/03/13/toys-r-us-is-preparing-to-file-its-liquidation-plan-with-the-court.html
Toys R Us, the iconic U.S. retailer, is in the process of drafting the court motion for its liquidation plan, a source familiar with the situation told CNBC on Tuesday.

The retailer could file as soon as the end of Wednesday, making the motion official. It will then begin to wind down the storied toy retailer, after more than half a century in business.

A liquidation will most likely result in the closing of all of Toys R Us' 800 stores in the U.S.

It will be a blow to the toy industry, which has relied on it for supplying row after row of toys and premium pricing. Toys R Us accounted for 15 to 20 percent of U.S. toy sales last year, according to Jefferies analyst Stephanie Wissink.

Last week, it became increasingly clear that liquidation would be the most likely route. Still, as recently as last week, it was placing orders from its vendors and telling employees it was business as usual, sources said.

This week, though, Toy R Us missed a payment to some of its vendors, and was not responsive to calls, sources told CNBC. Bloomberg first reported the missed payment.

The people requested anonymity because the information is confidential. Toys R Us declined to comment.
I think it's a case of changing preferences among kids and the parents that shop for them while the purchasing power of wages fall; necessities like food, clothing, and especially shelter, rise; and there's a stronger argument that buying a phone or tablet can teach children responsibility and how to use technology so they'll be better able to participate in society, whereas traditional toys don't do that.

Others think it's unfair that manufacturers will lose the last retailer dedicated to their business. I think that's just the nature of business, but that's just my opinion.

So, I've given my opinion that Toys R Us was an expensive relic of the past, unable to provide what consumers want in 2018. What's yours?


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The Liberated Territories
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Postby The Liberated Territories » Tue Mar 13, 2018 8:05 pm

I never really went to Toys R Us as a kid either. I usually just went to Wal-Mart, lol.
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Postby NeoOasis » Tue Mar 13, 2018 8:41 pm

Back in my day we didn't have no fancy Toys'r'Us... we had Toys'I'Made. I had to cut my own tree down to find a stick, and I had to break into the local winery at night to steal a hoop of a wine barrel to play with. And you know what? I was damn happy with my hoop and stick. Great times.

Joking aside, I was never very impressed with Toy'R'Us... I mean sure they had a solid section of toy cars and legos, but after a point they kinda fell to the wayside in terms of store layout. Felt kinda crampred and disorganized. Prices and less than stellar customer service kinda killed it for me.

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Postby Petrasylvania » Tue Mar 13, 2018 8:43 pm

Are there any actual toy stores left in existence?
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Postby Kannap » Tue Mar 13, 2018 8:48 pm

I want the expensive giant stuffed teddy bears to be dirt cheap so I can grab a few.
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Postby Senkaku » Tue Mar 13, 2018 8:53 pm

Another retailer onto the ash heap of history

I for one welcome our new Amazonian overlords, and look forward to Seattle being renamed Amazonopolis and designated the capital of our new digital corporate empire
Last edited by Senkaku on Tue Mar 13, 2018 8:54 pm, edited 1 time in total.
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Postby Zanera » Tue Mar 13, 2018 8:55 pm

If I had to choose between Blockbusters and Toys R Us, I'd choose Blockbusters. Go get a movie and then go to the snack section, boom.

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Postby Grand Britannia » Tue Mar 13, 2018 8:58 pm

This is really shitty news, I liked how Toy R Us stores were formatted.
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Postby Eternal Lotharia » Tue Mar 13, 2018 9:00 pm

Senkaku wrote:Another retailer onto the ash heap of history

I for one welcome our new Amazonian overlords, and look forward to Seattle being renamed Amazonopolis and designated the capital of our new digital corporate empire

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Postby Western Vale Confederacy » Tue Mar 13, 2018 9:05 pm

Zanera wrote:If I had to choose between Blockbusters and Toys R Us, I'd choose Blockbusters. Go get a movie and then go to the snack section, boom.


Only Canadians remember Zellers.

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Postby Zanera » Tue Mar 13, 2018 9:08 pm

Western Vale Confederacy wrote:
Zanera wrote:If I had to choose between Blockbusters and Toys R Us, I'd choose Blockbusters. Go get a movie and then go to the snack section, boom.


Only Canadians remember Zellers.


Yeah, it seems like it was only in Canada so...

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Postby Kannap » Tue Mar 13, 2018 9:09 pm

Petrasylvania wrote:Are there any actual toy stores left in existence?


I know a few local ones that are doing great. But a chain like Toys R Us can't compete against Walmart, Target, and Amazon.
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Postby Eastern Northerly Islands » Tue Mar 13, 2018 9:15 pm

Petrasylvania wrote:Are there any actual toy stores left in existence?


We have some boutique-y ones near me that sell high quality wooden toys, Duplo stuff, those really swank Brio wooden trains, a lot of Melissa & Doug crap. They have a ton of board games, puzzles, models, etc. It's a great store and my toddler could spend all day in there, even though it's not big.

He also loves going to Toys 'R Us and just looking at all of the stuff, FWIW. He's going to be depressed when it closes. My dad used to take me to the same store and buy me Nintendo cartridges- it was a really exciting place.

In all honesty though I probably get ~85% of toys for my kids via Amazon or eBay.
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Postby Eastern Northerly Islands » Tue Mar 13, 2018 9:17 pm

Kannap wrote:
Petrasylvania wrote:Are there any actual toy stores left in existence?


I know a few local ones that are doing great. But a chain like Toys R Us can't compete against Walmart, Target, and Amazon.


Amazon for sure. Hard to compete with the selection and the convenience of it. On the flip side, you can't promise your kid that they'll get to go to Amazon.com and pick out a _____________ if they don't crap their pants for a week. I mean, you *can* promise them that, but it doesn't have the same excitement to it that physically taking them to a store to grab something does.
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Postby Eastern Northerly Islands » Tue Mar 13, 2018 9:19 pm

Zanera wrote:If I had to choose between Blockbusters and Toys R Us, I'd choose Blockbusters. Go get a movie and then go to the snack section, boom.


Why doesn't Redbox attach vending machines full of "movie snacks"? I'm taking a screenshot so if I see a Redbox vending machine anytime soon I'll see you in court
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Postby Petrasylvania » Tue Mar 13, 2018 9:20 pm

Eastern Northerly Islands wrote:
Zanera wrote:If I had to choose between Blockbusters and Toys R Us, I'd choose Blockbusters. Go get a movie and then go to the snack section, boom.


Why doesn't Redbox attach vending machines full of "movie snacks"? I'm taking a screenshot so if I see a Redbox vending machine anytime soon I'll see you in court

They usually have Redboxes in or just outside places where you can buy movie snacks, like grocery stores, drug stores and convenience stores.
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Postby Shazbotdom » Tue Mar 13, 2018 9:21 pm

As a 34-year-old, It was always too overpriced for my (and my parents) liking back in the day. We never bought anything from there.
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Postby Kannap » Tue Mar 13, 2018 9:21 pm

Eastern Northerly Islands wrote:
Kannap wrote:
I know a few local ones that are doing great. But a chain like Toys R Us can't compete against Walmart, Target, and Amazon.


Amazon for sure. Hard to compete with the selection and the convenience of it. On the flip side, you can't promise your kid that they'll get to go to Amazon.com and pick out a _____________ if they don't crap their pants for a week. I mean, you *can* promise them that, but it doesn't have the same excitement to it that physically taking them to a store to grab something does.


The problem, I think, is that kids aren't really interested in toys as much as they're interested in electronics anymore.

I work with six year old kids and half of them have cell phones. I didn't have a cell phone until I was 15.
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Kannap
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Postby Kannap » Tue Mar 13, 2018 9:22 pm

Eastern Northerly Islands wrote:
Zanera wrote:If I had to choose between Blockbusters and Toys R Us, I'd choose Blockbusters. Go get a movie and then go to the snack section, boom.


Why doesn't Redbox attach vending machines full of "movie snacks"? I'm taking a screenshot so if I see a Redbox vending machine anytime soon I'll see you in court


I am genuinely surprised Redbox is still hanging on somehow.
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Postby Kannap » Tue Mar 13, 2018 9:24 pm

Shazbotdom wrote:As a 34-year-old, It was always too overpriced for my (and my parents) liking back in the day. We never bought anything from there.


Imagine the powerful liquidation sale forthcoming
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