So, you might want to get your holiday shopping started soon.
Why? Well, according to Buzzfeed News, the iconic and well-known toy store, Toys ‘R’ Us, filed for bankruptcy Monday night after more than 10 years of struggling.
The toy store is apparently in debt by $4.8 billion and is unable to pay its suppliers. According to Buzzfeed News, “Despite its popularity with children, parents, and holiday shoppers, Toys ‘R’ Us has struggled to stay afloat, given increasing price competition from Walmart, Target, and, more recently, Amazon”.
I guess it makes sense. I mean, you just can’t beat the convenience of shopping online bra-less in the comfort of your own home and having your purchases shipped to your house within days, with free shipping to boot. Not to mention how many kids are now playing on their mobile devices.
Although, for those of us that still love getting caught up in the hustle and bustle of holiday crowds, you don’t have to worry—the store expects to have most of their locations remain open during the holiday season and will still carry all the latest must-have toys.
The filing for bankruptcy is just another sign of the changing times and the struggles for traditional retail since the boom of online shopping. Toys ‘R’ Us has long been known as the ‘it’ store to buy kids’ toys and was even showing huge success in digital sales in the late 1990s and early 2000s. But with online competition and the fact that Toys ‘R’ Us waited until 2016 to update their website to make shopping and purchasing as easy as the competition, the store has continued to struggle.
According to the Toronto Star, Toys “R” Us said that for now, “the “vast majority” of its approximately 1,600 Toys “R” Us and Babies “R” Us stores around the world and its web portals continue to operate as usual. There are 82 stores in Canada.”
So, you may want to get shopping. Apparently now’s the time to snag this year’s hatchimal or fidget spinner.
Photo credit: BuzzFeed News
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