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.
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.
- Toys R Us, Hobbled by Competition, Will Shutter Some Stores
- Medford Toys 'R' Us Starts to Liquidate Store
- Storing Bulbs
- Special Olympics Oregon Cancels State Games Competition
- Season for Sharing: Holiday Toy & Food Drive
- Salvation Army: Shortage of Toy Donations
- Salvation Army Toy Warehouse Flooded Overnight
- Salvation Army Distributes Toys, Despite Damaging Flood
- AIFF Invites Students to Enter LAUNCH Film Competition