Toys 'R' Us will close all 800 of its US stores after filing for bankruptcy in September and failing to turn around its business during the holiday season.
The Washington Post first reported the news on Wednesday, briefly after it was revealed that the retailer would close its remaining 75 UK stores. The company said that its 82 Canadian stores will remain open. The US store closings will impact as many as 33,000 jobs, according to the Washington Post. Toys 'R' Us did not immediately respond to a request for comment.
This is a significant turning point for the toy industry. Both toy manufacturers and consumers will need to turn to other retailers and websites — such as Walmart, Target, and Amazon — to buy and sell toys. Toys 'R' Us accounted for 15% to 20% percent of US toy sales last year, CNBC reported, and not all of those sales are expected go elsewhere after it closes. A Jefferies analyst estimated that the loss of Toys 'R' Us would cause overall toy sales to drop by 10% to 15%.
The news hit hard for many millennials who'd spent countless hours as kids blissfully roaming the aisles of Toys 'R' Us or browsing its catalog.
Don't get me wrong I haven't been to ToysRus is years but man is the 6 six year old me crying on the inside dude. Back then that was like the ultimate store if you had ANY sort of money when you were younger. Feelsbad for the kids that won't ever get to experience it.
@KrisAnkarlo So sad. I was a toys r us kid.
RIP Toys R Us. The end of an era.
@NinWire Rip the awesome nostalgic 90s Kids days i had at toys r us damn good times I'll be never forget the fun awesome toy game and board game company
im sad about toys r us going the way of Blockbuster but im def gonna hop on that toys r us liquidation closeout sale when that happens
Vaya Con Dios TOYS R US . . . You will be missed :( :( :( :( . . . #riptoysrus
@issymimi A whole generation of ToysRUs kids are crying inside right now. Smh
Now watch this if you want to cry.
View this video on YouTube
You want more, don't you?
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Are you addicted to the pain of your lost childhood? We hear you.
