On Friday, June 29, Toys ‘R’ Us announced that they have come to the decision to finally go out of the business.
Toys ‘R’ Us, one of the most known toy retailer in the United States, has finally decided to close its doors. The decision was due to the growing competition and the rapid decrease in their sales.
One potential cause they have in mind is the rise of online retailers. This has greatly affected the number of customers that go personally to their stores that leads to the decrease in their sales.
The retailer’s plan to liquidate its operation last March, the year 2018, has not been that surprising after they have filed for a bankruptcy in September, last year.
Following this event, almost 30, 000 employees will become jobless. And because the company has faced bankruptcy, they will not be able to get their severance pay, as stated in the bankruptcy agreement. This generated a lot of anger from the employees, and some are even preparing to evoke their right to the court.
A lot of people also expressed their thoughts about the news through Twitter. There were different reactions from them, some felt nostalgic, some are sad, and some may have been devasted. Some reminisce the first time they ever went to the store and even remembered the first toy they have bought. And, some expressed how the toy store affected their childhood, saying that, growing up the retailer has become part of their lives.
Through all this, a lot are still in hopes of the store’s revival. One of which includes, Gerald Storch, Toys R Us former CEO. A rumor said that he is revising a plan to resurrect the said retailer and bring back its former glory. Though there is a lesser chance that it would be a success, many are still waiting for that time to come.