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SAN FRANCISCO (Reuters) – As Toys "R" Us Inc. stores across the United States marks their final day in business on Friday, the bankrupt retailer posted a farewell message to customers on its website Geoffrey the Giraffe mascot thanking them and urging them to "Play on!"
"Thanks to all of you who have shared your life with us, and to every grandparent, aunt, uncle, brother and sister who's built a couch-cushion rocket ship, made up a hero adventure, or the invented something gooey, "the message said.
"Promise us just this one thing: Do not ever grow up. Play on! "The message, playing on the company's famous jingle, added.
More than 700 Toys "R" Us stores are shuttering in the United States. The liquidation of the largest US toy retailer is a blow to the market, including Barbie maker Mattel Inc. ( MAT.O ), board game company Hasbro Inc. ( HAS .O ) and other large vendors such as Lego.
Its closures also a void for small toymakers who relied on the company to showcase new products.
Toys "R" We filed for Chapter 11 bankruptcy protection in September to $ 6 billion in debt, from a $ 6.6 billion leveraged buyout by private equity firms in 2005.
Goal the company changed course in March, saying it would sell its operations in Canada, Asia and Europe, and shut down in the United States.
In addition to online platforms like Amazon.com Inc. ( AMZN.O ), analysts have pointed to Walmart Inc. ( WMT.N ), Target Corp ( TGT .N ), JC Penney Co Inc ( JCP.N ), Kohls Corp ( KSS.N ) and Bed Bath & Beyond ( BBBY.O ]) as drugstores like CVS Health Corp. ( CVS.N ) and Rite Aid Corp. ( RAD.N ) and discount outlets like General Dollar Corp ( DG.N ) or TJ Maxx ( TJX.N ) may also stock their shelves with more toys, they said.
In other words, retail landscape, more than 8,000 U.S. shops closed in 2017, based on the International Council of Shopping Centers.
Reporting by Jim Christie, editing by Tracy Rucinski and David Gregorio
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