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Last week, Toys "R" Us Inc. stores darkened, but that did not stop kids of all ages from suffering the retailer's demise.
The retailer had asked for Chapter 11 protection in September with the hope of surviving, but he had abandoned those plans after a dismal holiday season.
Toys "R" Us' overseas operations and the chain's intellectual property – even mascot Geoffrey the Giraffe – as well as sister brand Babies "R" Us are expected to be sold.
A photo of Geoffrey waving goodbye while holding a suitcase on wheels in an empty store became viral in those days before the end. The company's website now tells shoppers and kids of all ages to "play on" in its final message.
On social media, Toys "R" Us fans shared their memories and promised The toy retailer was born in 1948 when World War II veteran Charles Lazarus opened its first children's furniture store in Washington, DC, to meet the post-war baby boom era. Later, Mr. Lazarus added toys to the store, which was called Children's Bargain Town.
million. Lazarus launched Toys "R" Us in 1957, modeling the store's initial design after supermarkets with a wide assortment of toys and baskets. He sold Toys "R" Us to a retail conglomerate called Interstate Stores in 1966 for $ 7.5 million.
In 1974, Interstate filed for bankruptcy protection, and four years later, the company had emerged with Mr. Lazarus back at the bar. The company went public in the 1980s and opened hundreds of other stores.
Fast forward to 2005, when Toys "R" Us was bought back for $ 6.6 billion by private equity firms Bain Capital and KKR & Co. as well as real estate REITs .
Vornado Realty Trust
.
Debt resulting from the debt buyback, in addition to the headwinds of the industry, helped to overturn Toys "R" Us.
M. Lazarus died in March, a few days after Toys "R" Us told its 33,000 employees that it would close and liquidate all of its US stores.
-Stephanie Aaronson contributed to this article
Write to Lillian Rizzo to [email protected]
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