What to do with Toys R Us gift cards

16 March, 2018, 01:13 | Author: Franklin Nunez
  • Toys R Us collapses

In its full-year 2017 financial results, the Rhode Island-based company cited bad debt stemming from the Toys "R" Us Chapter 11 filing last fall for its 2 percent dip in operating profits for its business in the USA and Canada. Toys R Us blamed its "old technology" for not offering its own subscriptions.

There have been calls from people as high up as USA senators asking the company to give customers cash for their unused Toys "R" Us gift cards. On Wednesday, Toys "R" Us said it was closing all its stores in the UK. Brandon stated that the company would attempt to sell its 200 Canadian stores and its online store.

A weak holiday shopping season weighed on the company's efforts to reorganize, analysts said.

And many shoppers are looking to cash in on unused gift cards. According to sources, rewards dollars and Endless Earnings programs will also be honored through mid-April, and the company will keep gift registries active for the same period.

"Gift cards aren't going to last forever - and neither is Toys R Us".

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"The music is about to stop for the iconic retailer", Schumer said in a statement on Wednesday, "and consumers could be left in the lurch".

The company held out slim hope of selling its Canadian operations, possibly combined with up to 200 of the top-performing USA stores, which the filing did not identify. Even so, Toys R Us said it must move forward quickly with the USA wind down while pursuing, separately, a deal for its Canadian business.

"I am very disappointed with the result, but we no longer have the financial support to continue ..."

"I am very disappointed with the result, but we no longer have the financial support to continue the Company's USA operations", Dave Brandon, Chairman and CEO of Toys R Us, said in a statement.

The closure is a blow to hundreds of toy makers that sell their products at the chain's US stores, including Barbie maker Mattel Inc., board game company Hasbro Inc. and vendors like Lego.

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Etoys went bankrupt in 2001, just two years after the online toy retailer went public in 1999 during the peak of dot com mania.

In 2017, Toys "R" USA accounted for roughly one-fifth of U.S. toy sales according to Jefferies analyst Stephanie Wissink, but has faced higher competition from Walmart, Amazon, and Target.

The first Babies R Us store opened in 1996.

"It is a black-eye for its its three owners, KKR, Bain Capital Partners and real estate investment trust Vornado Realty Trust, who took the retailer private in 2005 for $6.6 billion, leaving it with $4.9 billion in debt".

This category harkens back to its origins as a baby furniture story opened by Charles Lazarus in Washington's Adams Morgan neighborhood in 1948, according to The Washington Post. Toys R Us was a launchpad for emerging trends and toys, such as ZhuZhu Pets, which were the must-have holiday toy in 2008.

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