By Robert Laurie ——Bio and Archives--March 15, 2018
American Politics, News | CFP Comments | Reader Friendly | Subscribe | Email Us
Toy store chain Toys R Us is planning to sell or close all 800 of its U.S. stores, affecting as many as 33,000 jobs as the company winds down its operations after six decades, according to a source familiar with the matter. The news comes six months after the retailer filed for bankruptcy. The company has struggled to pay down nearly $8 billion in debt — much of it dating to a 2005 leveraged buyout — and has had trouble finding a buyer. There were reports earlier this week that Toys R Us had stopped paying its suppliers, which include the country’s largest toymakers. On Wednesday, the company announced it would close all 100 of its U.K. stores. In the United States, the company told employees closures would likely occur over time, and not all at once, according to the source, who spoke on the condition of anonymity because they were not authorized to discuss internal deliberations.I'm not downplaying the economic realities. TRU was buried in debt and little was done to turn it around. Once in the hole, they kept digging. Yesterday's news was neither shocking, nor was it unexpected. I'm also aware the real tragedy is that somewhere in the neighborhood of 33,000 people are about to lose their jobs thanks to a brutal combination of mismanagement, online competition, and a general change in the way kids play. It's also going to be a bitter pill for toymakers who relied on TRU-driven holiday sales. I understand all of that, but the news that Toys R Us is about to close its doors has me bummed in a more personal way. Toys R Us is one of those rare companies that manages to occupy a nostalgic, emotional, spot for a lot of people. If you're of a certain age, probably born in the late 60's or early 70's, you understand what I mean. In some odd way, it isn't just a store. It's childhood comfort food, a cartoony aesthetic that conjures up images of a 1970's childhood - a sentimental way-back machine to the era of Micronauts, Stretch Armstrong, Mego Super Heroes, GI Joe and Star Wars.
View Comments
Robert Laurie’s column is distributed by HermanCain.com, which can be found at HermanCain.com
Be sure to “like” Robert Laurie over on Facebook and follow him on Twitter. You’ll be glad you did.