Geoffrey the Giraffe Might Be Coming Back to Life
When Toys R Us filed for bankruptcy, the eyes of the world were opened to the truth about the struggles of the well-loved brick-and-mortar store. Toys R Us admitted that they’d been severely struggling to keep up with online competition such as Amazon and other big stores like Walmart and Target.
Despite efforts to pay off their nearly $400 million dollars worth of debt, Toys R Us simply wasn’t able to pull things together and only months ago, they joined the long list of other retail stores to shut their doors.
Toys R Us began liquidating its operations in the United States in March of 2018 and by the end of June, the shelves were bare and buildings were abandoned. More than 30,000 Toys R Us employees were forced to find a new source of income. Carolyn, a former employee at local Toys R Us store said that after 17 years working for the store and pouring all of her love into it, she had no idea what she was going to do or where she was going to go. She simply felt lost.
Court papers were filed this week and it has now been confirmed that Toys R Us has decided to cancel their bankruptcy and that lenders are planning to help revive the brand. There’s no word on which store locations will be brought back or when, but Seth R. Freeman, senior managing director at GlassRatner Advisory & Capital Group shared his thoughts saying with Bloomberg, “The timing of this move means the new company misses the critical holiday season, in which 34 percent of Toys ‘R’ Us merchandise is typically sold, giving it a tough three quarters of 2019 to slog through till holiday 2019.”
Will Toys R Us make a successful comeback? Only time will tell.