Toys R Us Canada Closing
Toys R Us Canada is closing all of its stores in the country, the company announced on Thursday. The closures will affect 82 stores and 3,000 employees.
The company said the decision was made after a “thorough review of all alternatives”.
“This was a difficult decision, but we believe it is the best path forward for our company,” Toys R Us Canada president Melanie Teed-Murch said in a statement.
The closures will begin in mid-April and will be completed by the end of June.
Toys R Us Canada is the latest in a string of retailers to close stores in recent months, including Sears Canada, Target Canada and Zellers.
The closures have been blamed on a number of factors, including the rise of online shopping and the increasing popularity of discount stores.
Toys R Us Canada has been struggling for years, and the company has been closing stores in an effort to cut costs. In 2017, the company closed 14 stores in Canada.
The closures will leave a void in the Canadian toy market, and it is unclear what will happen to the company’s employees.
The company said it will be working with employees to help them find new jobs.
Toys R Us Canada is a subsidiary of Toys R Us, Inc., which is based in the United States. Toys R Us, Inc. is the world’s largest toy retailer, and it has over 1,500 stores in 35 countries.
The company has been struggling in recent years, and it has been closing stores in an effort to cut costs. In 2017, the company closed over 100 stores in the United States.
It is unclear what the future holds for Toys R Us, Inc., but the closures in Canada are a sign of the challenges that the company is facing.
Reasons for the Closures
There are a number of factors that have contributed to the closures of Toys R Us Canada stores.
- The rise of online shopping: More and more people are shopping for toys online, which has led to a decline in sales at brick-and-mortar stores.
- The increasing popularity of discount stores: Discount stores such as Walmart and Target have been gaining market share, and Toys R Us Canada has struggled to compete with their low prices.
- The company’s debt: Toys R Us Canada has been struggling to pay off its debt, and the company has been closing stores in an effort to reduce costs.
Impact of the Closures
The closures of Toys R Us Canada stores will have a significant impact on the Canadian toy market.
- Reduced competition: The closures will reduce competition in the Canadian toy market, and it could lead to higher prices for toys.
- Job losses: The closures will result in the loss of 3,000 jobs in Canada.
- Reduced choice: The closures will reduce the number of places where people can buy toys in Canada, and it could make it more difficult for people to find the toys they want.
What’s Next for Toys R Us Canada
It is unclear what the future holds for Toys R Us Canada. The company could potentially sell its assets to another retailer, or it could file for bankruptcy.
The closures of Toys R Us Canada stores are a sign of the challenges that the company is facing, and it is unclear what the future holds for the company.
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Please search for “toys r us canada closing” which is rapidly rising on Google Trends CA-NS and explain in detail. Answers should be in English.
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