Eight Georgia Stores On Toys R Us Chopping Block
Bankrupt toy retailer Toys R Us is looking to shutter eight of its more than 20 Georgia stores in a bid to restructure its business. It is part of a plan to close up to 182 stores across the country, or one-fifth of its store count, according to CNBC.
Atlanta news station 11Alive reports that the stores set to close in Georgia include locations in Alpharetta, Smyrna, Dunwoody, Conyers, Douglasville, Newnan and Fayetteville. But the company could avoid certain closures if it is able to renegotiate more favorable lease terms, the station reported.
Going-out-of-business sales are scheduled to begin in February and locations will close by mid-April, company officials said.
Facing increasing competition from the likes of Amazon and Walmart, Toys R Us filed for Chapter 11 protection in September.
In a memo released Wednesday to customers, Toys R Us CEO David Brandon said the retailer needed to make “tough decisions” to help it become a leaner organization.
“The reinvention of our brands requires that we make tough decisions about our priorities and focus,” Brandon wrote. “The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company that will provide the level of service and experience you should expect from a market leader.”
