Published: Wed, March 14, 2018
Finance | By Claude Patterson

Toys R Us could close all of its stores

Toys R Us could close all of its stores

Toys "R" Us Inc. has missed payments to some suppliers in recent days as the USA division heads toward a likely liquidation, according to people with knowledge of the situation.

Only two weeks ago, the company was said to be getting ready to close 200 more stores across the country. Fifteen locations in NY were on the list of planned closures, including a Babies R Us in Latham and a Toys R Us in Glens Falls, which were to start in February and continue through mid-April.

Workers at the store on Harry L Drive in Johnson City haven't been told what to expect about the future of that location.

Toys R Us has not spoken publicly about closing all its USA stores, and a spokeswoman declined to comment on that possibility. Some of the people said they can't get anyone to respond to questions at the retailer, which filed for bankruptcy in September and faces a $5 billion debt load.

For both past and present 'Toys "R" Us Kids, ' the news is devastating enough, but at the end of the day, parents will still be able to purchase toys at other retailers both in-store and online. Officials are said to be losing hope that lenders can agree on terms of a debt restructuring, but the company has declined to comment on the speculation. A hearing in bankruptcy court is scheduled to be held on Thursday, after being delayed. Company executives have said those stores would begin liquidating inventory in February and be closed by mid-April. Toys R Us accounted for about 10% of the companies' sales.

The chain had already announced the shutdown of a Babies "R" Us location in the Holyoke Mall.

Follow the Bangor Daily News on Facebook for the latest ME news.

Like this: