As it sinks like some sort of plasticine Titanic, Toys ‘R’ Us his layering sales on sales on sales. With liquidation fast approaching, the company is now offering up to 40 percent off all merchandise at every single one of their U.S. locations. Items that were previously undiscounted can now be purchased for between 20 to 40 percent off.
This is part of the New Jersey-based companies attempt to actually “wind down” their business and get rid of its inventory rather than spend time and money looking for a buyout of some kind. It’s likely that sales will ramp up more as the company prepares to sell off its main headquarters in Wayne, New Jersey as well as several other locations on May 14th. The bankruptcy, as well as the closing, will result in thousands of jobs lost. Not to mention as one of the few remains physical toy retailers, the loss of Toys ‘R’ Us will be felt industry-wide.
In the meantime, it’s closure represents an opportunity for parents to get some incredible deals and potentially wind down Christmas shopping before the summer even starts. (Well, that might be optimistic.)
It’s for those reasons that Isaac Larin, the CEO of MGA Entertainment, didn’t just try to crowdfund $800 million to save the company, but even offered a slightly less modest buyout of $815 million after it became clear that crowdfunding wasn’t going to get the job done. Even after bankruptcy, the company is still planning to pursue some business in foreign countries where it doesn’t have to fight so hard against Amazon and ground-floor retail is not yet in a death spiral.
