Back in September of 2017 we reported that Toys R Us Canada had been granted creditor protection against the failing Toys R Us locations in the United States.
In the last eight months it seems that they have managed to stay out of the limelight a little. Maybe to revamp a plan or just re-evaluate their business and try to figure out where their US counterparts went wrong.
Toys R Us Canada wants you to know that they are ready to make some changes. There is a major makeover in the near future.
Here is just a little of the changes you will see; one store in Barrie Ontario as already made some of these changes. They include;
- lowered shelving
- grouping toys according to children’s age, stage and play pattern rather than by brand
- adding interactive play areas and places for parents to sit down.
- A mobile pay will be introduced
- the checkout area will be changed in order to process those payments and online pickups more efficient.
- Free make-and-take events will still be going ahead as well as little freebies like posters.
Also, future plans could mean in-store birthday parties, food service, and other themed events.
Update!!! Septemer 20th, 2017
Canadian Toys R Us brand has been granted creditor protections after the latest news from the US!!
This from CTVnews.ca
“Toys “R” Us Canada was granted creditor protection in Ontario Superior Court under the Companies’ Creditors Arrangement Act on Tuesday, one day after Toys “R” Us started bankruptcy proceedings south of the border.”
Below is our original post from September 9th, 2017
Toys R Us exploring filing for possible bankruptcy
Have you guys heard the latest news?!
Yes you read that correctly. Another retail company that we may possibly have to say goodbye too.
This is sad news for consumers and retailers alike.
- Toys R Us has hired a law firm to help restructure its roughly $400 million in debt due in 2018.
- Toys R Us is weighing filing for bankruptcy as one outcome.
- The potential restructuring comes ahead of the crucial holiday season, when the retailer does the majority of its sales.
Almost $400 million in debt?! That’s a huge number!!
Here are a few things we know about this “possible” bankruptcy of Toys R Us;
- Toys R Us has hired Kirkland & Ellis adivisors.
- These people will be helping them with restructuring
- Bankruptcy is only one of the options that Toys R Us will be looking into.
- Sales are lower and this retailer has been struggling (due to other store rivals like Wal-Mart, etc)
- They are approximately $400 million in debt.
- This debt is quickly approaching.
We will be keeping a close eye on this latest news from Toys R Us.
Canadian free stuff will keep our readers informed of any additional information regarding this issue.