Toys ‘R’ Us has officially gone out of business and despite its failures, there are a number of companies looking to profit off of its names.
It has been a long and frankly heartbreaking saga, but Toys ‘R’ Us has finally closed its doors. The company filed for bankruptcy back in September of last year, announced that it would likely be disappearing from our high streets six months later in March, and now Toys ‘R’ Us is officially gone, closing all of its stores across the United States.
The company left a final parting message on its website thanking everyone who has shopped with them over the nearly 60 years that the store has been around. There is also a photo of the Toys ‘R’ Us mascot, Geoffrey The Giraffe doing the rounds on social media. It features Geoffrey standing in an empty store, suitcase in hand and waving goodbye.
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One of the main reasons that Toys ‘R’ Us has disappeared from our streets is thanks to customers turning to online shopping. The leader in online shopping is Amazon, which is why this rumor really hurts. According to Gizmodo, the online retailer is planning on launching its very own toy catalog this Christmas to fill the void left by Toys ‘R’ Us.
Amazon normally releases a digital toy catalog around that time of year but apparently this year it could issue physical copies of it. Early reports suggest that if that does indeed take place, Amazon will use Whole Foods as a platform to distribute the catalogs as it bought the chain of markets last year. Amazon isn’t the only company looking to capitalize from Toys ‘R’ Us’s absence. Party supply company, Party City has also been rumored to be opening pop up stores named Toy City later in the year.
It may seem a little strange that companies are taking pages from the Toys ‘R’ Us playbook considering that the company went out of business. Despite its failures though, even in 2017, the company generated $6.5 billion of revenue. Unfortunately, even all of that money wasn’t enough to dig them out of the debt that the company had racked up over the years. A void has been left by Toys ‘R’ Us and it seems as if quite a few companies are preparing to fill it.
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