The company said it will continue to operate as usual its approximately 1,600 Toy R Us and Babies R Us stores around the world. The company's operations outside of the U.S. and Canada are not part of the protections proceedings, it said.
Tyrannacon wrote:You may remember our previous story about Toys R Us shipments by other companies being cut, but the latest in the news about Toys R Us is that they have successfully ]filed Chapter 11 Bankruptcy Protection from CNBC News. Does this mean that stores will be closing? In short, no.The company said it will continue to operate as usual its approximately 1,600 Toy R Us and Babies R Us stores around the world. The company's operations outside of the U.S. and Canada are not part of the protections proceedings, it said.
We will continue to post more developments about this as they become available.
WreckerJack wrote:Not many people make a special trip to the toy store, and especially not when the toy store costs more than it's competitors. Even the free shipping benchmark is higher on TRU's site which puts them at a huge disadvantage to sites like amazon.
BATTLEMASTER IIC wrote:I actually didn't know that TRU had a price matching policy. What discourages me from shopping at my local TRU is that they always have a lousy stock of Transformers figures, whereas my local Walmart and Target stores have a better available selection. I think about 66% of the time, though, I buy my figures on the internet, and the rest at Walmart and Target.
Plus, I suspect there are TRU employees who stash some of the Transformers stock. I got real suspicious when all I saw were CW Armada Megatron and never the G1-styled version of the character.
With that being said, if TRU went under, I wouldn't miss it. I can get my Transformers elsewhere and there is a Lego shop near by
At Toys“R”Us we are undertaking a financial restructuring to ensure the iconic Toys“R”Us and Babies“R”Us brands live on for many generations. For all of our customers, distributors, vendors and talented team members –Toys“R”Us and Babies“R”Us stores around the world are open and web stores are operating normally. The things customers like the most will not be affected. We continue to offer amazing new seasonal products and great customer service, just as we always have. In addition, Toys“R”Us is committed to working with our vendors to help ensure that inventory levels are maintained and products continue to be delivered in a timely fashion.
To achieve our financial objectives, Toys“R”Us and some of our U.S. subsidiaries and our Canadian subsidiary proactively and voluntarily filed for Chapter 11 of the Bankruptcy Code in the U.S. Our Canadian subsidiary also began parallel proceedings under the Companies’ Creditors Arrangement Act in Canada. The Company’s operations outside of the U.S. and Canada, including its approximately 255 licensed stores and joint venture partnership in Asia, which are separate entities, are not part of the Chapter 11 filing and CCAA proceedings.
We are confident that this financial restructuring is the best path forward to ensure that Toys“R”Us can invest in our business, continue to improve our customers’ experience and strengthen our competitive position.
1. Why did Toys“R”Us take this action now?
• Our business and overall ability to win have been significantly impacted by the costs associated with the $5 billion of debt on our balance sheet. This debt has held us back from making the investments we need to compete effectively in what has become an increasingly challenging and rapidly changing retail marketplace worldwide.
• After much consideration, the Company and certain of our subsidiaries proactively and voluntarily filed for Chapter 11 in the U.S. and commenced parallel proceedings under CCAA in Canada.
• The Company is taking this action in order to implement a financial restructuring as a deliberate and decisive step in the process to put us on a successful track for the future.
• Through this process, we expect to restructure our long-term debt and use these resources to reinvest in our business, continue to improve the customer experience in our stores and online and strengthen our competitive position.
• The Company’s operations outside of the U.S. and Canada, which include operations in Asia, Australia and Europe, are not part of the Chapter 11 filings or CCAA proceedings and are not subject to the Court-supervised processes.
2. Will Toys“R”Us continue normal operations?
• Yes. Our operations are continuing as usual. The Company’s stores around the world are open and our web stores and other online platforms will remain up and running, providing customers great service and a curated assortment of merchandise in the toy and baby categories.
• Through this process, we expect to restructure our long-term debt and use those resources to reinvest in our business, improve the customer experience and strengthen our competitive position.
3. Is my local Toys“R”Us open?
• Our Toys“R”Us and Babies“R”Us stores around the world are open, and you can also continue to shop online on our newly launched www.toysrus.com and www.babiesrus.com web stores.
• We are continuing to offer the best quality, value and selection, and our knowledgeable team members are working to provide customers a memorable shopping experience.
4. How will this process affect customers?
• We are serving customers as usual. Our stores around the world are open and our web stores and other online platforms will remain up and running, providing customers with great service and a curated assortment of merchandise in the toy and baby categories.
• We expect to continue honoring return policies, warranties, gift cards and layaway programs. Customers should expect our loyalty programs, including Rewards“R”Us, the Toys”R”Us Wish List, Geoffrey’s Birthday Club and the Babies“R”Us Registry in the U.S., to continue as normal in their current forms. International customer programs will continue as usual as well.
• Customers can continue to count on outstanding service whenever, wherever and however they want to shop with us.
5. Does this affect customer programs, including Rewards“R”Us, Babies“R”Us Registry and
layaway programs?
• We expect to continue honoring return policies, warranties, gift cards and layaway programs. Customers should expect our loyalty programs, including Rewards“R”Us, the Toys”R”Us Wish List, Geoffrey’s Birthday Club and the Babies“R”Us Registry, to continue as normal in their current forms.
6. Will your stores continue to be stocked as normal during this process?
• Toys“R”Us continues to offer the hottest toys this holiday season, along with an outstanding shopping experience.
• We are well stocked as we prepare for the holiday season and are excited about all of our upcoming in-store events.
7. Will Toys“R”Us and Babies“R”Us continue to run their typical sales and promotions?
• Yes. We expect to continue operating our stores, webstores and other online platforms as usual during this process.
• This includes the continuation of our typical sales and promotions.
8. Can I still use my Rewards“R”Us points?
• Yes. Customers should expect our loyalty programs, including Rewards“R”Us, to continue as normal in their current forms.
• We encourage you to continue earning and using your points at our stores or online at toysrus.com or babiesrus.com.
9. Can I still use my “R”Us Credit Card?
• Yes. Your “R”Us Credit Card will continue to be accepted.
• We encourage you to use your card to keep earnings Reward Points.
10. Can I still use my gift card?
• Yes. You can continue to use your gift cards in our stores or online.
• We are focused on continuing to provide the best quality, value and selection in the toy and baby categories and outstanding service whenever, wherever and however you choose to shop with us this season and beyond.
11. Does this affect your return policies or warranties?
• No. We fully expect to continue honoring return policies and warranties.
• You can continue to count on a world-class shopping experience and outstanding service whenever, wherever and however you choose to shop with us this season.
12. How can I obtain more information?
• For questions about products, warranties or rewards, customers in the U.S. should continue to contact our Customer Service Department at 1 (800) TOYSRUS or 1 (800) 869-7787 between the hours of 8 AM and 11 PM ET. Our international customers can contact their local Customer Service teams as usual.
• If customers have questions regarding the financial restructuring process, they can visit other pages on this restructuring website.
To Our Customers,
Since 1948, Toys“R”Us has served kids and families around the world by offering great service and a wide assortment of toy and baby products. Nearly 70 years later, that commitment to our customers remains stronger than ever as we work to be champions of play and a best friend to parents everywhere. We want you to have an outstanding experience whenever, wherever and however you choose to shop with us and this holiday season is no exception. We have a number of exciting initiatives underway including improvements to our stores and loyalty program, and we are leveraging technology to bring our physical stores to life. We’ve also just recently launched a new web store to make it even easier to shop with us.
We are also working to strengthen our financial position. The Company, some of our U.S. subsidiaries and our Canadian subsidiary proactively and voluntarily filed for Chapter 11 in the U.S. and began parallel reorganization proceedings in Canada. The Company’s operations outside of the U.S. and Canada are not part of the Chapter 11 filing and CCAA proceedings. Through these important actions, we expect to restructure our long-term debt and instead use these resources to reinvest in our business, so that we can continue to improve your experience
in our stores and online and separate ourselves from our competitors in today’s rapidly changing retail landscape. What This Means for You: We Are Open for Business
• Our Toys“R”Us and Babies“R”Us stores around the world are open, and you can also continue to shop online on our newly launched www.toysrus.com and www.babiesrus.com web stores. Toys“R”Us continues to offer the hottest toys this holiday season, along with an outstanding shopping experience. We are preparing for the holiday season and are excited about the many events, new technology and features we’ll have in our stores and online.
• We fully expect our customer programs to continue as normal. We expect to continue honoring return policies, warranties, gift cards and layaway programs. Customers should expect our loyalty programs, including Rewards“R”Us, Geoffrey’s Birthday List and the Babies“R”Us Registry, to continue as normal in their current forms. International customer programs are expected to continue as usual as well.
• You can continue to count on a world-class shopping experience and outstanding service whenever, wherever and however you choose to shop with us this season and beyond.
As always, we thank you for your continued support and for shopping with us. If you have questions about this process, you can find FAQs and additional information on the restructuring page of our website at www.toysrusinc.com/restructuring.
For questions about products, warranties or rewards, please contact our Customer Service Department at (800) TOYSRUS or (800) 869-7787 between the hours of 8 AM and 11 PM ET.
We are confident that the steps we are taking will help ensure that Toys“R”Us will be the champion of play for kids everywhere and Babies“R”Us can be a best friend for parents when it comes to caring for their infants and babies.
We look forward to serving you this holiday season and beyond.
they make it hard not to buy online
Vulture capitalists can kiss my exhaust port.bengear wrote:Not to get political...but why does Mitt Romney hate toys? First KB Toys, now Toys R Us. I really liked KB toys.
The fact that Toys R Us is generally pretty pricey is beyond the point that it is a TOY STORE. Toys and games from wall to wall (and maybe some diapers on the babies r us side). Can you buy it on amazon? sure. Can you get it cheaper at walmart? probably. But the magic of being a kid and walking into a giant store for YOU (and not your parents most likely) is an awesome feeling.
Seeing a rather beloved institution fall under financial assault bums me out. Hopefully they survive relatively unscathed.
william-james88 wrote:Yeah but thats all irrelevant when TRU has a very generous price match guarantee. They price match with Amazon so there is never a time when going to TRU should cost you more if you have solid proof of it selling for less elsewhere.
Of course there are asshole employees and not everyone likes the hassel of price matching, but complaining about higher prices when they will price match doesnt make much sense to me. Due to the price match policy I have bought 90% of my toys there and never ever paid more that I would have for the exact same product at a different retailer.
WreckerJack wrote: I admit I complain their prices are high because it takes advantage of people that don't know and that does not bode well with me. (I know overhead but do people really care about that? Nope. We want our toys and we want them cheap as possible!)
Ultra Markus wrote:as long as they keep up their stock on current waves i would buy there as i pop in every now and then
but last several times has been pathetic as far as titan wars goes even taget and walmart in my area have a pathetic excuse for selection when it come to TFs!
bengear wrote:Not to get political...but why does Mitt Romney hate toys? First KB Toys, now Toys R Us. I really liked KB toys.
The fact that Toys R Us is generally pretty pricey is beyond the point that it is a TOY STORE. Toys and games from wall to wall (and maybe some diapers on the babies r us side). Can you buy it on amazon? sure. Can you get it cheaper at walmart? probably. But the magic of being a kid and walking into a giant store for YOU (and not your parents most likely) is an awesome feeling.
Seeing a rather beloved institution fall under financial assault bums me out. Hopefully they survive relatively unscathed.
EunuchRon wrote:Yeah... inventory tax on that much unmoved product would totally burn.
william-james88 wrote:So dont let it bother you, parents are as savy if not more than the average collector. They NEED to save that buck.
The profitable Toys Canada “operates as a relatively autonomous business unit and has achieved strong financial and operational performance in recent years,” the company said in court filings. It is cash-flow positive, has had compounded annual revenue growth of 5 per cent in the past three years and has almost doubled net earnings in that time, the filings said, and it wants to keep all of its stores open and operating.
Indeed, the Canadian unit has been sending surplus cash from its operations to support its U.S. parent’s cash flow needs, making $101 million in unsecured inter-company loans to the troubled U.S. division since 2016.
There's 3 TRU's in my city, and none of them look like thatIg89ninja wrote:that figure variety!
Why cant the US have that variety!?!
shajaki wrote:There's 3 TRU's in my city, and none of them look like thatIg89ninja wrote:that figure variety!
Why cant the US have that variety!?!
This makes me wonder... could TRU USA disappear while TRU Canada remains? And how are other TRU's fairing? I don't even know how many countries they're in, but I know they're in Japan...
