Remaining relevant in todays marketplace is proving to be harder and harder for many retailers. From Blockbuster to local mom and pop stores, the world wide web has taken over world of retail and has changed the landscape rapidly.
Unfortunately, Toys R Us is the latest company to feel the burden of the e-commerce bubble and amid rising debt loads, has filed for Chapter 11 bankruptcy protection in Richmond, VA, Reuters reports.
However, as the holiday shopping season is rapidly approaching, Chairman and Chief Executive Officer Dave Brandon still told NPR that the stores wouldn’t be leaving shoppers in the lurch.
“As the holiday season ramps up, our physical and web stores are open for business, and our team members around the world look forward to continuing to put huge smiles on children’s faces,” Brandon said.
While the store has not declared an official closing date, their flagship store in Times Square did close down last December which sparked concern for customers and employees everywhere, and has led many to not be surprised with the most recent bankruptcy announcement.
Though NPR recently reported that it’s been an “especially terrible year so far for retailers” and the future of brick and mortar toy stores seems uncertain, Toys ‘R’ Us doesn’t seem like they’re going down without a fight.