For more than 70 years, children spent their childhood in Toys R Us and Babies R Us was the destination for expecting parents. The debt-plagued company announced that it has filed a motion for bankruptcy court approval to liquidate its USA operations, a move that could hit 33,000 jobs.
With a new company and team, Toys R Us officially emerged hoping to deliver the magic of its brand around the world.
"We have an incredible team focused on bringing Toys "R" Us and Babies "R" Us back in a completely new and reimagined way, so the USA doesn't have to go through another holiday without these beloved brands", added Barry.
Toys R Us is back in action.
"That's certainly our intent, to be in a position where USA consumers can engage with Toys "R" Us and Babies "R" Us again this holiday season", said Richard Barry, a former Toys "R" Us executive who is now chief executive officer of the new entity Tru Kids Inc. Tru Kids estimates that 40 percent to 50 percent of Toys R Us market share is still up for grabs despite many retailers like Walmart and Target expanding their toy aisles.
A statement from Tru Kids Inc. cited the former toy retailer's "brand power" and "loyalty", noting that its Toys R Us and Babies R Us lines "generated over $3 billion in global retail sales in 2018 through more than 900 stores and e-commerce businesses".
Barry said he already is looking forward to the next holiday shopping season. He noted that the company will focus on experiences in the physical stores, which could be about 10,000 square feet.
Toys "R" Us is back.
Barry said he and his team have been reaching out to toy makers and have received strong support. But this isn't the Toys R Us's first resurrection act.
Tru Kids" global partners are set to bring Toys "R" Us and Babies "R' Us to more customers through the opening of 70 stores this year in Asia, India and Europe and the development of new e-commerce platforms in several key markets. And in November 2018, Toy R Us reorganized and launched a series of pop-up events at Kroger.
Unfortunately, the respect that we have for Nicki was violated by a post that should never have been written. We deeply apologize for all the hurt, disappointment and the confusion that this post has caused'.
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