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(CNN Money) – The end is finally here for Toys "R" Us stores in the United States. The toy retailer will close its remaining 200 stores on Friday
Toys "R" Us filed for bankruptcy in September in hopes of turning around. But the terrible Christmas sales have left it on the support of life. The chain had 735 US stores when it announced its intention to go bankrupt in March.
The company of aged 70, will continue in other countries, like Canada.
Due to competition from major online distributors and competitors such as Amazon, Toys "R" Us was sentenced to unsustainable debt following the privatization of KKR, Bain Capital and the Vornado real estate company in 2005. [19659002] Employees now say that they plan to fight the company because it does not pay any compensation to its workers. The 31,000 American workers only received 60 days' notice, as required by federal law.
At the Boynton Beach store, employees hung placards saying that Toys 'R' employees They deserve severance pay "and" Bain Capital, KKR, Vornado Realty, Toys R Us, employees want their dinero, cash, cash flow. "
The main reason employees are upset is because they are not getting anything, but executives have received millions of bonuses just before going bankrupt."
Madelyn Garcia, who works for Company for 30 years, told the Palm Beach Post that employees deserved something since they spent time with their families. "
" We receive customers who give us hugs, "he said. Garcia declared
Buyers will find significant discounts, but few goods on the shelves of the remaining stores stores.Garcia said that his store is mostly empty.
She said that she had about 45 employees still in post, some who have moved to other stores that have already closed.It has not yet found a new job.
"I hope that I will find something, with the rest of the team, "said Garcia. "But it's hard to look for a job and do interviews when you're trying to close your store."
Some of the stores open now will not be able to reach the deadline of Friday . For example, the Garcia store will close Thursday
The toy industry will face a decline in sales at the closing of the chain.
Big box retailers such as Walmart and Target had already overtaken Toys "R" We are in total toy sales, but the chain was an important venue for toy manufacturers to sell their full range of products. Hasbro and Mattel said they lost sales of tens of millions each in the first quarter due to the closures of Toys "R" Us, according to the companies.
Toys "R" Us said she was trying to find new sales.
On Monday, Party City announced that it would use 50 of its seasonal pop up stores and that it would expand its traditional Halloween City shops to offer Toy City stores that will remain open during the holiday season . This year,
But these sites will only be temporary and Party City does not plan to use them permanently, said Dan Sullivan, Party City's CFO, at CNNMoney
The-CNN-Wire
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