Toys R Us, Hobbled by Competition, Will Shutter Some Stores

Toys R Us, squeezed by Amazon.com and huge chains like Walmart, will begin closing a number of its stores starting in February.

Posted: Jan. 24, 2018 7:27 AM
Updated: Jan. 24, 2018 7:27 AM

NEW YORK (AP) - Toys R Us, squeezed by Amazon.com and huge chains like Walmart, will begin closing a number of its stores starting in February.

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Hobbled by $5 billion in debt, the company that once dominated toy sales in the U.S. filed for bankruptcy protection in September.

Chairman and CEO Dave Brandon said in a letter Wednesday that tough decisions are required to save Toys R Us.

The letter also didn't disclose how many stores would be closed and the company did not immediately return a message seeking details.

Brandon said that the majority the targeted stores will be closed by mid-April and that there will be deep discounts at those locations.

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