Another retailer bites the dust—and many have been sharing their grief over the loss.
More than 30,000 US workers and thousands of creditors got unpleasant news this week as Toys R Us announced it was giving up the ghost. Though rumors had been swirling about the chain’s demise, some held on to hope that the end could be postponed.
Now that end has arrived, with executives sharing their sorrow over the outcome.
Toys R Us, based in Wayne, N.J., has been struggling for years to pay down billions of dollars in debt as competitors such as Amazon, Walmart and Target win over an increasingly larger piece of the toy market. Its bankruptcy filing last year cited $7.9 billion in debt against $6.6 billion in assets. The company said it has more than 100,000 creditors, the largest of which are Bank of New York (owed $208 million), Mattel ($136 million) and Hasbro ($59 million). (Jeffrey P. Bezos, the founder and chief executive of Amazon, owns The Washington Post.)
The chain’s chief executive expressed remorse over the dire consequences for employees.