KB Toys aims to fill the void of Toys "R" Us
- Author: Rita Burton Mar 22, 2018,
Mar 22, 2018, 0:54
The chain, which was known to generations of children and parents for its sprawling stores and Geoffrey the giraffe mascot, announce last week it would shutter all of its 740 US locations.
Last week, Toys R Us Inc. announced it filed a motion in Bankruptcy Court to begin a wind-down of its USA business and liquidation of inventory in all 735 of the company's USA stores.
"It is with great regret that we have made the hard decision to make 98 people redundant at the company's distribution centre in coventry", joint administrator Simon Thomas said.
Toys R Us will be closing or selling all of its United States stores after filing a motion to liquidate its U.S. business on March 15.More news: Microsoft expands their cloud options in Europe and in the Middle East
Strategic Marks purchased the "Great American Toy Store" (KB brand) from Bain Capital in 2016.
The closure of the 92 Claire's stores will not trigger a massive sale of their merchandise, but with Toys-R-Us liquidating all of their stores, massive sales will be taking place. The exception, they note, is Ollie's Bargain Outlet, which typically sells at deep discounts year round.
Finally, we increased spending to facilitate sales, including advertising and promotional dollars, along with SG&A deleverage due to the lower sales base, further impacting overall near-term profitability.
"$358.00 that we were expecting back from them".
"As a first-time mom, I didn't want to shop online".