Toys R Us Announces it Will Close Hudson Valley Location
Another retail giant is shutting down its Hudson Valley location.
Toys R Us announced in September that they were filing for bankruptcy in an effort to restructure their business. The toy giant is reportedly dealing with $5 billion in debt. Like many other retailers, the chain has been struggling to stay afloat and will now be closing over 180 stores.
In a letter to customers, Toys R Us explained that the company is reinventing its brands, and after a "top to bottom assessment" of their stores, have decided to make the closures. The remaining stores may also be converted into combo Babies R Us and Toys R Us locations.
Dave Brandon, CEO of Toys R Us says the closures "are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company that will provide the level of service and experience you should expect from a market leader."
Toys R Us has locations in Poughkeepsie, Kingston, Middletown and the Woodbury Common Premium Outlets. According to USA Today, the Kingston store will close down in April. Closing sales are expected to begin in a few weeks with "deep discounts" on inventory.
This is another major blow to Kingston. The Hudson Valley Mall has already lost stores from JC Penney, Macy's and Sears just announced last month that they would also be leaving the mall.