A, Ste. 200, Austin, and a Toys R Us store at 12901 N. I-35, Bldg.
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Jobs for about 33,000 employees are in jeopardy, but Toys R Us is planning to hire for temporary positions for the liquidation process. "Consumers will not put an end to buying toys because their local Toys "R" Us store closed its doors", Lennett said.
The Toys R Us going out of business sale is happening starting tomorrow. At that point, the stores will close for good, though the company is working on a package deal to sell its Canadian operations that could keep up to 200 profitable USA stores open.
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The U.S. already levies the highest tariff on consumer goods (as high as 32 percent on basic clothes and 67 percent on shoes) among all categories of products.
Operating under the assumption that the majority of parents will continue to buy toys for birthdays and holidays, Lennett estimates that the organic decline for the total United States toy industry will be in the low single digits. The company initially filed for bankruptcy last September, citing more than $5 billion in long-term debt.
Last week, Toys "R" Us announced it had begun the process of shuttering its 700-plus remaining USA stores, leaving a number of analysts and toymakers questioning the long-term fate of the industry. Strategic Marks LLC, the company that owns intellectual property rights to the KB Toys brand, said they are exploring the possibility of re-opening the chain.
Published reports say liquidation sales around the country will start as soon as Thursday, and will continue until all the merchandise is sold.
"If you have a gift card, use the gift card now", Fleming said.