'Exhausted' Toys R Us Suppliers Weigh Options As Huge Retailer Shuts

BBB Bureau Briefs: Gift Cards & Bankruptcy - Newschannel 6 Now | Wichita Falls, TX

By now, you've heard that Toys R Us is shutting its doors in the U.S.

Last week it was revealed that all Toys R Us stores in the United Kingdom will close in the next six weeks following the chain's collapse into administration.

The online giant, however, is not interested in maintaining the Toys "R" Us brand, but it will use the stores for its own purposes. The Canadian business unit might live on in combination with select United States stores if a buyer can be found.

USA court filings show that debtors for Toys "R" Us have received multiple non-binding offers for the Canadian division of the troubled retailer.

Toys "R" Us is on its way out, but KB Toys is set to pop back up.

KB Toys used to have multiple locations in Hawaii, but all were shut down after the company filed for bankruptcy almost a decade ago.

Toys R Us Asia operates as a separate legal entity to Toys R Us Inc, and according to Fung is "financially independent from all other Toys R Us operating companies around the world".

Many parents are rushing to the store to take advantage of sales and to get rid of any gift cards they may have saved.

We have a follow up involving a popular toy store going out of business. Creditors pushed for liquidation because they saw it as the most likely way to be repaid. In the U.S., the toy industry has grown by 4.5% on average over the last three years.

"This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years", Brandon said in a statement.

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