Popular Retail Store To Close or Sell Every Hudson Valley Location
A popular retail chain is going out of business and will sell or close every Hudson Valley location. Over 30,000 jobs will be impacted.
On Wednesday, Toys 'R' Us Inc. filed a motion seeking Bankruptcy Court approval to begin the process of liquidating all of its U.S. stores.
The company will provide more about the plans for the liquidation of its U.S. stores and going out of business sales in the near future, officials say.
"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," Toys 'R' Us Chairman and Chief Executive Officer Dave Brandon said. “I am very disappointed with the result, but we no longer have the financial support to continue the Company’s U.S. operations."
According to CNN, Toys 'R' Us will shut down or sell all of its 735 stores in the United States. Which means around 31,000 may lose their jobs.
2012 was the last time the company made a full-year profit, reports CNN. In that time span, Toys 'R' Us lost $2.5 billion, including $953 million in the first nine months of 2017.
In Feb., CNBC reported weak holiday sales put the toy-giant at risk of breaching a $3.1 billion loan.
In Sept. 2017, Toys 'R' Us announced they were filing for bankruptcy in an effort to restructure their business. Reports said the company was $5 billion in debt.
In Jan. the company announced plans to close 180 stores, including a location in Kingston.
Toys 'R' Us has other locations in the Hudson Valley in Poughkeepsie, Middletown and the Woodbury Common Premium Outlets.
Toys 'R' Us makes up 15% of the toy revenue in the United States, according to Fortune.
U.S. Senator Charles Schumer announced today he is urging the Federal Trade Commission to step in as it relates to gift cards purchased by consumers. Schumer is asking the FTC to take an immediate look into the company to ensure no laws are being violated as a rumored liquidation process ensues, and most importantly, to ensure consumers have time to get cash back for unused gift cards.
“I am urging the company to redeem outstanding gift cards for cash so they are not as worthless and unwanted as a lump of coal in a stocking,” Schumer said.
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