Feb. 8 (UPI) — Toys ‘R’ Us began liquidation sales Wednesday at 144 stores across the United States, listing fewer stores than the chain initially sought to shut down.
The toy chain announced last month that it planned to close 182 stores, about one-fifth of its U.S. locations. That list, though, was brought down to just 16 percent of its stores.
Discounts of up to 30 percent are expected at the closing stores and even larger discounts are anticipated as the toy chain has to empty the stores by April.
Liquidators say shoppers can expect “deep discounts” across all product categories, including new merchandise.
The sales, however, will not be matched as Toys ‘R’ Us and Babies ‘R’ Us stores that will remain open.
“The reinvention of our brands requires that we make tough decisions about our priorities and focus,” Chairman and CEO David Brandon wrote in a memolast month.
“The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company.”
In September, Toys ‘R’ Us announced it would file for bankruptcy to enable the chain to “invest in long-term growth and fuel its aspirations to bring play to kids everywhere and be a best friend to parents.”
Online competition from stores like Amazon and Walmart have contributed to struggles at Toys ‘R’ Us. LEGO also announced it was having trouble with sales and cut 1,400 jobs.
