Toys ‘R’ Us, dream factory for kids, to close all US stores

Bankrupt retailer Toys ‘R’ Us is shuttering all of its 735 stores in the US.  However, talks are still on for possibly combining up to 200 of its top-performing US stores with its Canadian operations. It is trying to sell its Canadian unit along with its operations in Asia and Central Europe. It will reorganise, liquidate or sell its chains in other nations. Toys R Us does business in 38 countries. Dave Brandon, CEO of the debt-plagued company, said it is a sad day for the staff as well as millions of children and families who it had served for 70 years. He said the company did not have the financial support to continue its US operations. Some 33,000 jobs will be hit with the closure of the US outlets. Toys ‘R’ Us, which first filed for bankruptcy protection in September, blamed poor holiday sales as a cause for its demise. Like many other retailers, Toys ‘R’ Us too fell victim to the digital revolution sweeping the industry. The New Jersey-based firm began operation in 1948 amid the economic boom. It has 881 stores in US and 65,000 employees globally.