Toys “R” Us is going out of business

Iconic toy retailer Toys “R” Us has announced plans to shutter or sell its stores in the U.S. after failing to find a buyer or reach a deal to restructure billions in debt, putting at risk about 30,000 jobs. The closure is a blow to hundreds of toy makers that sell their products at the chain’s U.S. stores, including The Pokémon Company, Barbie maker Mattel Inc, board game company Hasbro Inc and vendors like Lego. The 70-year old company does not rule out a last-minute offer for all of its stores and said it will announce the winning bidder of a March 29 auction on April 12. To read more of this story, click here.

Source: Reuters.com

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