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Beleaguered Toys R Us Battles For Survival

Source: Jack Taylor / Getty

(RNN) – Toys ‘R’ Us is reportedly closing all its U.S. stores next week after the bankrupt company was not able to find a buyer, according to Bloomberg News.

The U.S. branch of the company hoped to find a buyer or work out a debt restructuring deal, and unnamed sources are leaking to business outlets that the company will liquidate its assets. Toys ‘R’ Us accounts for 15 percent of the U.S. toy revenue, Bloomberg reports.

Earlier this year, the company announced it would close about 182 stores as part of its bankruptcy reorganization, which included Babies R Us stores.

No one for the for company would comment on the record to various media outlets calling about the possible closure, but their Twitter account thanked customers for their support.

The rumors affected toy companies in the stock market on Friday; shares for Hasbro fell by 3.5 percent and 7 percent for Mattel, CNN Money reports. The toy chain accounts of 10 percent of sales for both toy companies.

Earlier this week, Lego announced its first sales decrease in 13 years.



Article Courtesy of WOIO Cleveland 19 News

First and Second Picture Courtesy of Jack Taylor and Getty Images

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