Toys "R" Us is on its way out, but KB Toys is set to pop back up.
As bankrupt Toys R Us begins closing shop in the U.S.
Toys R Us will be closing or selling all of its United States stores after filing a motion to liquidate its USA business on March 15.
In January, the company announced plans to close just 170 Toys R Us and Babies R Us stores, many of which have already started going-out-of-business clearance sales. As an ironic historical footnote, at the time of its first bankruptcy, the retailer was owned by Bain Capital, one of Toys R Us' private equity owners.
Remember KB Toys? The company went out of business in 2008, closing up all of its stores across the country.
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Kassoff, like several other players, is watching the collapse of Toys R Us in the USA and seeing an opportunity worth potentially well over $1 billion. The company filed for bankruptcy last week, confirming that all 700 or so of its retail stores would be shut down, even after it announced earlier this year that it would be attempting to keep some of the locations open.
- KB Toys, the chain of shopping mall stores that closed in 2009, is considering a comeback. The retailer blamed high debt levels and intense competition with online retailers.
The closure of the 92 Claire's stores will not trigger a massive sale of their merchandise, but with Toys-R-Us liquidating all of their stores, massive sales will be taking place. For those anxious about any gift cards they have for Toys-R-Us, the company will honor them a remaining 30 days or so. All sales will be final on purchases during the liquidation process.
"If you have a gift card, use the gift card now", Fleming said.