Connect with us

Business

Toys R Us Announces Closing of 800 U.S. Stores

Times are changing for the beloved toy store.

Published

on

Gone are the days where Toys R Us commercials would cycle through each holiday season, leaving children with an impossibly large wish list and parents with empty wallets. Today, the New Jersey-based toy store announced that they will be closing all 800 of their stores in the United States, and fans of the store were not happy. Check out what people had to say about the closing on Twitter:

The store opened its doors for the first time in June 1957. Charles P. Lazarus, who was operating supermarkets at the time, opened his first store solely dedicated to childhood toys. Inspired by the efficiency of customers having their own cart and pre-shelved items at the supermarket, Lazarus implemented a similar model to Toys R Us.

Throughout its nearly 70-year old run, the store saw immense success, even expanding into new stories such as ‘Babies R Us’. The company expanded worldwide in Asia, Africa, Europe, and New Zealand, bringing millions of dollars into revenue as kids unwrapped presents full of the most coveted Barbies, Furbies, and Hot Wheels. According to financial analyst Stephanie Wissink, Toys R Us accounted for nearly 1/5 of all toy sales in the United States, and employed over 30,000 people in their 800 US-based stores.

With all of the success, how did a store like Toys R Us go bankrupt? The answer might lie in the constantly shifting commercial landscape.

With Amazon, Walmart, and other retailers lowering the cost of toys and speeding up shipping, Toys R Us needed to adapt in order to survive. Unable to adjust their prices to meet the new consumer expectation, the store accumulated debt just to keep afloat. Not to mention the shift in technology and its impact on childhood toys. No longer are finger skateboards and hacky sacks enough to meet the consumer need when technology has digitized childhoods.

With a giant like Toys R Us going dark, time will tell what the fate is for the rest of retail.

Julia is an undergraduate student at the University of California, Riverside, studying Public Policy with an emphasis in Social and Cultural Policy. While she’s currently on a gap year to help with Hurricane Harvey relief, Julia is a 5x author, a contributor for the Los Angeles Times, and frequent visitor of Disneyland. You can contact her at juliaschemmer@gmail.com.

Sign up for the Morning Scoop

and wake up with us each day.

CMN Reports

MeToo1 hour ago

College Scandals Cause Doctors to be Watched More Closely

Amidst the sexual assault scandals that have broken, doctors are being watched much closer to ensure sexual harassment is not...

by , North Carolina State
Permit Patty Permit Patty
Equality14 hours ago

Woman Calls Police on 8 Year Old Girl for Selling Water

I hope she doesn't find out I used to have lemonade stands without permits as a kid.

by , Penn State University
Campus Crime3 days ago

Ex-U. of Wisconsin Student Sentenced to 3 Years for Sexual Assaults, Stalking

"Part of me died in order to survive that night with him and that part of me will never grow...

Academics3 days ago

The Rapid Growth of Smoke-Free College Campuses

The number of smoke-free campuses has more than doubled over the last half decade, a new study says.

by , Temple University
2018 Midterms5 days ago

Michael Bloomberg To Spend $80 Million on Midterm Elections

Democrats want to win the house majority; this could be the push they need.

by , American University
Equality5 days ago

World Refugee Day 2018: What You Need To Know

69 million people fled war, violence and persecution this past year, including 25.4 million refugees and 10 million stateless.

by , American University
National News5 days ago

Trump Signs Executive Order to End Family Separation

President Donald Trump signed an executive order this afternoon to end this separation.

by , CMN Senior Correspondent
Apps5 days ago

Instagram Announces IGTV, Challenging YouTube and Snapchat

YouTube and Snpachat, are you ready for this?

by , CMN Senior Correspondent

Top Reads