The popular children’s toy store ‘Toys R Us’ has announced that it will be closing all 735 of its stores in the U.S. They will also be filing for bankruptcy.
The store has been around for seventy years and the company is heartbroken to have to close their doors. ‘Toys R Us’ chairman and chief executive officer David Brandon commented, “I am very disappointed with the result, but we no longer have the financial support to continue the Company’s U.S. operations”.
‘Toys R Us’ closing will result in some 33,000 employees losing their jobs. These layoffs are one of the largest in the retail industry since 2015 as well as the 12th largest job cut announcement since 1993.
