My memory of Toys ‘R’ Us now consists mostly of big empty boxes. While I don’t remember many of the toys I got at Christmas as a child, the image of clumps of wrapping paper and piles of discarded cardboard is forever imprinted in my brain.
Now, Toys ‘R’ Us is leaving us with much bigger empty boxes—but these won’t be as easy to throw away. On March 15, the company announced that, without a Hail Mary influx of cash, the beloved chain will be closing, leaving its 800-odd American storefronts vacant.
Look up Cerberus, the name of one of the equity firms that bought Toys R Us. A deal with the Devil!
A private equity deal that saddled Toys R Us with billions of dollars in debt is what killed them. They didn’t have the money to update stores or hire top employees.
I am not convinced that Toys R Us succumbed only to online competition. They became a lousy place to shop 15 or more years ago. The stores were dirty and their staff was not pleasant or very helpful. They reminded me of Montgomery Ward as that once strong retailer floundered and failed. And Sears is quickly following into that category.