You know competition’s tough when long-standing retailers like the ever-popular Toys R Us decide to close their doors. The 70-year-old toy store announced on Thursday that it’s officially going out of business.
CEO David Brandon made the decision to liquidate all locations for a number of reasons, mostly due to financial struggles and having to deal with (what seemed to them like) newly inspired competitors.
Apparently Toys R Us had been experiencing major debt for quite a while, major debt that would’ve been much closer to getting paid off had they met their ambitious goal for the upcoming sales chapter. Unfortunately, even larger chains with larger online presences went in for the kill, particularly at times during which Toys R Us had counted on significantly profiting.
Around the holidays, Target, Amazon and Walmart lowered their prices, gaining the attention of many customers that Toys R Us had expected to receive. When their prices couldn’t compete with the more reasonable prices proposed by these big box stores, they lost a tremendous sales opportunity and lots of business. Brandon specifically felt that holiday sales would help the store get out of its financial rut, but when they failed to do so, there wasn’t much else that could save it.
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