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MrBlack wrote:The "side-by-side format" seems to be referring to stores with Toys R Us and Babies R Us under the same roof, correct?
Two countries side by side uniting with the side by side store format. Seems legit.william-james88 wrote:MrBlack wrote:The "side-by-side format" seems to be referring to stores with Toys R Us and Babies R Us under the same roof, correct?
Yes. I had not realized the distinction since, as the case states, every TRU in Canada is side-by-side, so thats all I have known ever sicne BabiesRUs existed in my country.
That means the plan is more like an expansion of TRU Canada into the US. Pretty nuts that we have 2 countries side by side and the plan for one is to call it quits, while the plan for the other is to expand.
william-james88 wrote:MrBlack wrote:The "side-by-side format" seems to be referring to stores with Toys R Us and Babies R Us under the same roof, correct?
Yes. I had not realized the distinction since, as the case states, every TRU in Canada is side-by-side, so thats all I have known ever sicne BabiesRUs existed in my country.
That means the plan is more like an expansion of TRU Canada into the US. Pretty nuts that we have 2 countries side by side and the plan for one is to call it quits, while the plan for the other is to expand.
EDIT:
Wait a sec...
"sell the Debtors’ equity interest in the Canadian operations"
AHA! This confirms what we were thinking all along, Canada is run 100% independently of the US, it's just that the US has ownership (plus, that wording doesnt even like like a 100% owneship). Like Proctor and Gamble and all the brands they own which can be sold to other bidders if the price is right (like they did with Sunny Delight).
william-james88 wrote:If anyone ever wanted all the details on the Toysrus bakrutcy court hearing, well today is your lucky day since WFMJ.com got their hands on the 124-page filing in U.S. Bankruptcy court. It states the reasons as to why Toysrus has to start liquidating its stores right away, which incudes "2017 U.S. holiday sales [that] came in well below worst case projections". The sales were 250 Million less than projected.
Employees have been given a 60 day notice to employment termination, which means that they will at least be paid for 60 more days (regardless of whether or not the stores will remain open for 2 more months).
It is unsure if gift cards will be honoured since it is not part of the instructions but it is being urged by state governors.
What is part of instructions though, is the description of a deal Toys R Us is currently in the middle of. While a liquidation must happen, it is simultaneously working on a deal to sell 200 US stores along with their entire Canadian operations (which is a very hot commodity right now) to a some interested parties.
While the US operations are unatractive to investors, the lack of competition in Canada and overal better managed stores, have made those stores very profitable (to the point of having a surplus which went towards repaying debt owed by the US operations) and that has attracted several investors. So Toys R Us might survive afterall, but it would be a smaller company and a predominantly Canadian one. We have included the most important part of the 124 page document below, which illustrates this plan, but you can read the entire file here.In the face of these extraordinary circumstances, further waivers of covenant
defaults are unobtainable. The B-4 lenders—the primary economic stakeholders with respect to
the U.S. collateral—have determined that the best way to maximize their recoveries is to liquidate
the existing inventory in all of the Debtors’ 735 remaining U.S. stores and begin an orderly
wind-down of the U.S. operations. To be clear, the Debtors are not precluding the prospect of any
going concern option for U.S. stores.
In fact, the Debtors have developed a potentially
value-maximizing transaction that would combine up to 200 of the top-performing U.S. stores
(primarily those operating under the side-by-side format similar to the stores operating in Canada) with a going-concern transaction for their Canadian operations. The Debtors are currently
engaged with certain interested parties, including the B-4 Lenders, regarding this transaction and
are hopeful that such a transaction can develop as part of the sale of their Canadian
operations
But because time is of the essence to mitigate losses and maximize recoveries to U.S.
stakeholders, the Debtors regrettably must move forward with implementing a wind-down while
simultaneously pursuing a going-concern transaction tied to Canadian operations.
Accordingly, by this Motion, the Debtors are taking the prudent and responsible
step of seeking authority to begin an immediate and orderly liquidation of their U.S. business and
to sell the Debtors’ equity interest in the Canadian operations.
In short, there is too much of an interest by investors to close Toys R Us Canada, which will instead be sold. What is unknown now is if the buyer will only buy the Canadian operations or also buy 200 US stores as part of the bundle. If that works out, and Canadian practices are applied to those 200 US stores, what you see below may be found in the US as well one day.
tmthor wrote:My TRU does look like that and I am in the USA
That_Guy wrote:for some folks, it's about also holding it in your hands while purchasing it. While at the same time, not 100%, I don't trust shipping.
March 15, 2018
To our valued Canadian customers,
Toys “R” Us, Inc. announced the difficult decision to seek court approval in its Chapter 11 proceedings to wind-down its business operations in the United States. Our team members in Canada are very saddened to hear of this outcome and we are all keeping our U.S. colleagues in our thoughts during this very difficult time.
In Canada, all 82 stores remain open for business to serve you, our customers, honouring all our policies, warranties, Baby Registry, Gift Cards and RClub loyalty programs without change. We are taking the necessary steps to ensure the iconic Toys“R”Us and Babies“R”Us brands live on for many generations to come in Canada.
Our team continues to work hard at strengthening our competitive position and making the improvements necessary to ensure that we have the products when, where and how you choose to shop with us. Our Canadian operations are continuing in the normal course and we continue to partner with the trend products you want from the brands that you trust.
For the past 34 years, we have proudly served Canada as the trend authority in toy and baby and we remain the champions of play and trusted advisors helping people become parents.
Thank you for choosing to say “yes” to shop and support Toys“R”Us and Babies“R”Us Canada! We are proud to continue to welcome you in Canada coast to coast in store and online at www.toysrus.ca and www.babiesrus.ca for all of your toy and baby needs.
Melanie Teed-Murch, President
Toys“R”Us and Babies“R”Us Canada
-Kanrabat- wrote:All Canadians subscribed to TrU's newsletter got this:
http://email.toysrus.ca/H/v2000001622b1 ... 20b56deac7
March 15, 2018
To our valued Canadian customers,
Toys “R” Us, Inc. announced the difficult decision to seek court approval in its Chapter 11 proceedings to wind-down its business operations in the United States. Our team members in Canada are very saddened to hear of this outcome and we are all keeping our U.S. colleagues in our thoughts during this very difficult time.
In Canada, all 82 stores remain open for business to serve you, our customers, honouring all our policies, warranties, Baby Registry, Gift Cards and RClub loyalty programs without change. We are taking the necessary steps to ensure the iconic Toys“R”Us and Babies“R”Us brands live on for many generations to come in Canada.
Our team continues to work hard at strengthening our competitive position and making the improvements necessary to ensure that we have the products when, where and how you choose to shop with us. Our Canadian operations are continuing in the normal course and we continue to partner with the trend products you want from the brands that you trust.
For the past 34 years, we have proudly served Canada as the trend authority in toy and baby and we remain the champions of play and trusted advisors helping people become parents.
Thank you for choosing to say “yes” to shop and support Toys“R”Us and Babies“R”Us Canada! We are proud to continue to welcome you in Canada coast to coast in store and online at http://www.toysrus.ca and http://www.babiesrus.ca for all of your toy and baby needs.
Melanie Teed-Murch, President
Toys“R”Us and Babies“R”Us Canada
For now, Canada is safe...
william-james88 wrote:Mindmaster wrote:Very depressing. TRU has came in clutch on more than one occasion for me (its literally the only place that’s even bothered to stock the last three Titan-class figures on the shelves where I’m at). Got quite a few memories from TRU.
I keep seeing this claim about the titans and while its true that they put them in their stores, I dont see how that helps anyone.
Would americans pay 150$ if they see it in a store right now, rather than instead purchasing it for way less at walmart.com https://www.walmart.com/ip/Transformers ... n/55589165
Or amazon https://www.seibertron.com/transformers ... zon/40584/
A California-based toy company says it is bidding for the Canadian operations of Toys “R” Us Inc., the U.S. industry giant that entered court protection from creditors last September. MGA Entertainment Inc. confirmed in an email Tuesday it has submitted a bid for the Canadian stores.
“Toys “R” Us Canada is a good business,” said MGA CEO Isaac Larian in a brief emailed statement. “They run it efficiently, and have good leadership. At the right price, it makes economical sense.”
The company, which owns brands such as L.O.L. Surprise!, Little Tikes and Num Noms, refused in a followup email to give further detail about how much it is bidding or whether it wants to buy the entire chain or parts of it.
WAYNE, N.J., March 15, 2018 /PRNewswire/ -- Toys"R"Us, Inc. today announced that it has filed a motion seeking Bankruptcy Court approval to begin the process of conducting an orderly wind-down of its U.S. business and liquidation of inventory in all 735 of the Company's U.S. stores, including stores in Puerto Rico. Toys"R"Us will provide more details about the plans for the liquidation of its U.S. stores and going out of business sales in the near term.
Toys"R"Us also announced that it is pursuing a going concern reorganization and a sale process for its Canadian and international operations in Asia and Central Europe, including Germany, Austria and Switzerland. The Company's international operations in Australia, France, Poland, Portugal and Spain are considering their options in light of this announcement, including potential sale processes in their respective markets. The Company's stores in all these international markets are currently open and serving customers.
In connection with the sale process, the motion the Company filed with the Bankruptcy Court included bidding procedures for the Canadian operations. The Company also disclosed that it is engaged in discussions with certain interested parties for a transaction that could combine up to 200 of the top performing U.S. stores with its Canadian operations. While discussions continue on this potential transaction, Toys"R"Us is seeking court approval to implement the liquidation of inventory in all the U.S. stores, subject to a right to recall any stores included in the proposed Canadian transaction.
The previously announced administration of the UK business continues.
Dave Brandon, Chairman and Chief Executive Officer, said, "I am very disappointed with the result, but we no longer have the financial support to continue the Company's U.S. operations. We are therefore implementing an orderly process to shutter our U.S. operations and will pursue going concern sales or reorganizations of certain of our international businesses, while our other international businesses consider their options."
Brandon continued, "There are many people and organizations who have remained in our corner every step along the way. I want to thank our extraordinary team members who helped build Toys"R"Us into a global brand. I also want to express my appreciation for my colleagues on our board who have continued to provide support to sustain the brand and our operations throughout the restructuring process. I would also like to thank our vendors who we owe a great deal of gratitude to for their decades of support. This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years."
The Company and its advisors are working to minimize the impact of the U.S. liquidation on the Canadian and other international markets. As part of these efforts, the Company is implementing a transition services arrangement for the next 60 days and is developing plans for a potential shared service function to support the international operations going forward.
Additional information regarding the Company's restructuring process can be obtained by calling the Company's Information Hotline, toll-free in the U.S. and Canada at (844) 794-3476, or sending an email to toysrusinfo@PrimeClerk.com. Court filings and other documents related to the court-supervised process in the U.S. are available on a separate website administered by the Company's claims agent, Prime Clerk, at https://cases.primeclerk.com/toysrus.
Kirkland & Ellis LLP is serving as principal legal counsel to Toys"R"Us, Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor.
March 15, 2018
To our valued Canadian customers,
Toys “R” Us, Inc. announced the difficult decision to seek court approval in its Chapter 11 proceedings to wind-down its business operations in the United States. Our team members in Canada are very saddened to hear of this outcome and we are all keeping our U.S. colleagues in our thoughts during this very difficult time.
In Canada, all 82 stores remain open for business to serve you, our customers, honouring all our policies, warranties, Baby Registry, Gift Cards and RClub loyalty programs without change. We are taking the necessary steps to ensure the iconic Toys“R”Us and Babies“R”Us brands live on for many generations to come in Canada.
Our team continues to work hard at strengthening our competitive position and making the improvements necessary to ensure that we have the products when, where and how you choose to shop with us. Our Canadian operations are continuing in the normal course and we continue to partner with the trend products you want from the brands that you trust.
For the past 34 years, we have proudly served Canada as the trend authority in toy and baby and we remain the champions of play and trusted advisors helping people become parents.
Thank you for choosing to say “yes” to shop and support Toys“R”Us and Babies“R”Us Canada! We are proud to continue to welcome you in Canada coast to coast in store and online at http://www.toysrus.ca and http://www.babiesrus.ca for all of your toy and baby needs.
Melanie Teed-Murch, President
Toys“R”Us and Babies“R”Us Canada
Cyber Bishop wrote:Z3ROhour wrote:i was there when it opened
ill b there the day it goes.
You are 70??![]()
lakebot wrote:william-james88 wrote:Mindmaster wrote:Very depressing. TRU has came in clutch on more than one occasion for me (its literally the only place that’s even bothered to stock the last three Titan-class figures on the shelves where I’m at). Got quite a few memories from TRU.
I keep seeing this claim about the titans and while its true that they put them in their stores, I dont see how that helps anyone.
Would americans pay 150$ if they see it in a store right now, rather than instead purchasing it for way less at walmart.com https://www.walmart.com/ip/Transformers ... n/55589165
Or amazon https://www.seibertron.com/transformers ... zon/40584/
Those are on sale now but we’re they when it was originally released? Secondly, with things like that, I’m not fond of the waiting for something to go on sale because that can burn you. As for preference regarding buying online or in store, I’d go the store route. I’m not saying that to be the bug in the soup either. I really don’t like having packages delivered. We really have people who swipe them. You are really gambling with that. And after having things arrive damaged, it just seems too much of a chance. If it’s small or inexpensive I could see me chancing it. Gonna have to for Predaking.
o.supreme wrote:lakebot wrote:william-james88 wrote:Mindmaster wrote:Very depressing. TRU has came in clutch on more than one occasion for me (its literally the only place that’s even bothered to stock the last three Titan-class figures on the shelves where I’m at). Got quite a few memories from TRU.
I keep seeing this claim about the titans and while its true that they put them in their stores, I dont see how that helps anyone.
Would americans pay 150$ if they see it in a store right now, rather than instead purchasing it for way less at walmart.com https://www.walmart.com/ip/Transformers ... n/55589165
Or amazon https://www.seibertron.com/transformers ... zon/40584/
Those are on sale now but we’re they when it was originally released? Secondly, with things like that, I’m not fond of the waiting for something to go on sale because that can burn you. As for preference regarding buying online or in store, I’d go the store route. I’m not saying that to be the bug in the soup either. I really don’t like having packages delivered. We really have people who swipe them. You are really gambling with that. And after having things arrive damaged, it just seems too much of a chance. If it’s small or inexpensive I could see me chancing it. Gonna have to for Predaking.
Same here. I jumped on Fort Max & Trypticon the first time I saw them, and paid the full $150.00 for both. Sure seeing them on sale online for as much as 50% off at times makes me wish I had waited, but hindsight...and all that. There is no guarantee items like this will go on sale, or be seen again. Heck, as it was with Trypticon, it was just a fortunate event I happened to look behind the customer service counter, I only ONCE saw a Trypticon on the shelf at any TRU in my area. There was a chance sighting at Frys about a month ago they had one for $110...but there's no way I could have predicted that. I'm determined to never again let the "Metroplex incident" (i.e. me not finding one)...ever happen again, especially now that 5 years lateris selling the reissue at nearly 3X original price.
Now with TRU closing in the US I wonder how the heck I'm going to get PotP Predaking, hopefully HTS will have it for more than a few hours whenever it comes out.
o.supreme wrote:^If day 1 a Titan Class figure was at Walmart, at a less expensive price than TRU, that is a no brainer, of course I'd take it. But as we've discussed previously, up until now, Walmart and Target are unwilling to devote shelf spice to big ticket items such as this. Whether or not TRU closing will change that remains to be seen.
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