Technology

Latham Babies R Us, Queensbury Toys R Us to close

Latham Babies R Us, Queensbury Toys R Us to close

Toys R Us, which also operates the infant- and toddler-focused Babies R Us chain, has set aside more than $400 million out of its $3.1 billion in bankruptcy loans for sprucing up stores over the next three years with more experiences and better-paid staff.

Although court approval is pending on the closures, management plans to start the restructuring in early February and through mid-April.

The Fort Worth City View Babies R Us location, 5800 Overton Ridge Blvd., and the Hurst location, 1309 W. Pipeline Road, will close, along with four more in North Texas locations: in Allen, Irving, Lewisville and in the Dallas Galleria.

Toys R Us, squeezed by Amazon.com and huge chains like Walmart, will close 20 percent of its USA stores within months. It was one of the largest-ever bankruptcies by a specialty retailer, according to Fortune.

Toys "R" Us Canada says all 83 stores, including two on Vancouver Island, will stay open as the company is set to close almost 180 outlets south of the border.

The announcement of Babies "R" Us closing comes two weeks after the Sam's Clubs on January 11.

Toys "R" Us is going the way of dozens of other retailers seeking bankruptcy protection and/or closing stores.

Shutting stores is common for bankrupt retailers, but Toys R Us had said that its chapter 11 filing would not mark a big retrenchment.

GlobalData Retail estimates that almost 14 percent of toy sales were made online in 2016, more than double the level five years ago.

He acknowledged operational missteps that impacted customers during the most recent holiday shopping season.

Another major store plans to leave Stonecrest.

Toys R Us wants to hire Tiger Capital Group, Hilco Merchant Resources and Gordon Brothers Retail Partners to conduct the liquidation sales.

"I usually take advantage of the price matching. You can't find that on Amazon", he said.

The toy industry has been hampered by lower sales for the past few quarters in the face of growing demand for other forms of entertainment, including video games, MP3 players, tablets, smartphones and other electronic devices. Shares of Mattel Inc. fell while Hasbro Inc.'s stock was up in afternoon trading.