The once-dominant retail giant, Toys R Us, is cutting its loses and closing stores across the US. They’ve announced that they will close approximately 180 stores out of about 900 stores that are currently in operation.Two stores in Indiana are officially included on the list of stores that will soon shut their doors forever. They are located on 82nd Street in Indianapolis and US 31 South in Greenwood.
Before these stores close, which is expected sometime in the spring, shoppers can take advantage of major sales as the branches try to unload their inventory.
Toys R Us, a company based in Wayne, New Jersey, has been having trouble maintaining its competitive edge. In September of 2017, the company filed for bankruptcy. For the past few months, the company has been struggling to come up with a way to stay afloat. They had accumulated $5 billion in debt, and sales just couldn’t keep up with the money going out of their pockets.
Increasing competition from Amazon, Walmart, and Target has made it difficult for Toys R US to keep its top spot in the toy market. While kids still love a trip to the mega toy store, parents may prefer to shop online so they can look for the best deals. With two-day shipping and/or free store pick-up, parents were often coming out ahead by shopping with other retailers.
In the upcoming year, company leaders will try to find a way to restructure and become more competitive.