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After more than three decades of working at Toys "R" Us, store manager Tracy Forbes isn't happy that she and 33,000 other workers are losing their jobs and not getting severance pay, while the company's private-equity owners are walking off with millions. And she's trying to do something about it.
Toys R Us CEO Dave Brandon - along with other members of the leadership team and the majority of employees-are leaving the company. A company spokesperson confirmed to Retail Dive that Brandon and the executives "fulfilled their professional and fiduciary responsibilities to the company."
CLOSE Roger Dreyer was about to get the chance of a lifetime - his Fantasma toy company's Nuclear Neon Slime was going to get the sweet spot of being in the checkout lane of Toys R Us stores across America. Then word came that the toy store chain was on the verge of going out of business.
Toys 'R' Us, Inc. is a private company thanks to a 2005 leveraged buyout by KKR & Co. LP ( KKR), Bain Capital and Vornado Realty Trust. On February 7, 2018, the toy store started liquidation sales at 144 stores in the US after for filing for Chapter 11 bankruptcy in September 2017.
By Shares of toymakers Mattel Inc. and Hasbro Inc. sank in premarket trade Friday, after The Wall Street Journal reported that bankrupt toy retailer Toys "R" Us is preparing to liquidate its U.S. stores rather than restructure its debt. Mattel's stock tumbled 6.4%, as Toys "R" Us accounted for 8% of the company's sales in 2017, down from 11% in 2016.
U.S. toy company shares were lower Friday amid reports that bankrupt Toys "R" Us was preparing for a possible liquidation if it can't cut a deal with its creditors. Multiple media reports suggested the liquidation move could come as early as Monday, March 12, when Toys "R" Us is scheduled to appear in bankruptcy court as part of its September 2017 Chapter 11 filing.
Charles P. Lazarus, who founded Toys "R" Us, the toy store chain that for decades captured the hearts of American consumers but that eventually faded and succumbed to bankruptcy, died on Thursday. He was 94. His family said Mr. Lazarus, who lived in Manhattan, died of respiratory failure at Mount Sinai Hospital in New York.
Mattel, whose brands include the iconic Barbie doll, American Girl, Fisher-Price and Hot Wheels, already was struggling when Georgiadis, a former Google executive, joined Mattel in February 2017. Her challenge was exacerbated by the bankruptcy filing of retailer Toys R Us Inc. last September. The toy chain, which accounts for 15% to 20% of Mattel's U.S.