It was a sad week for children of all ages, as global toy retailer Toys’R’Us went out of business, closing all its stores in the US, UK and elsewhere.
The chain has been in trouble for some time, having struggled to compete against online retailers and big general stores like Walmart. The company filed for bankruptcy in September 2017, with debts of over USD 5 billion, but still hoped to find a buyer who would keep it trading. After a disastrous Christmas, many of the stores were shuttered in January, and are now to be closed or sold. It’s one of the biggest liquidations in economic history, with 885 stores closing, and 33,000 people likely to lose their jobs.
It’s not all gloomy news though. Toys’R’Us Asia, along with operations in Canada and Central Europe, were described by the company as “strong, viable businesses”, and it remains possible that the 15 stores in Beijing, including outlets in Chaoyang Joy City and Wangfujing, may yet stay open.