Toys R Us to Liquidate Its US Business, Will Close or Sell All US Stores

(From CNBC)

Toys R Us made official its liquidation on Thursday morning, filing documents with the bankruptcy court that will lead to the sale or closing of its roughly 800 U.S. stores.

It ends a chapter started by Charles P. Lazarus, the son of a bicycle shop owner, the store’s visionary, who wanted the “R” written backwards — an ode to childlike scrawl.

“This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years,” CEO Dave Brandon said in a statement.

It is a blow to the toy industry, which has relied on the retailer for supplying row after row of toys and premium pricing, and who now must look to big box stores and Amazon.

Click here for article.