We will keep you up to date on if the Lubbock location of Toys "R" Us closes.
The company has failed to find a buyer or to reach a debt restructuring deal with lenders. Babies "R" Us in the Holyoke Mall will close in April.
Toys "R" Us recently went into administration in the United Kingdom, paving the path for stores there to shut their doors. Numerous outlets are reporting today that Toys "R" Us could shut down all USA locations next week.
Toys "R" Us will close Toys "R" Us and Babies "R" Us locations in locations in several Central and Eastern Massachusetts locations.
Mattel Inc., which makes toys including Barbie and Hot Wheels, saw its stock fall as much as 6.1 per cent. Toymakers also will have less of an opportunity to promote their wares all year long, rather than just during the holiday rush.
Toys R Us is planning to close roughly 180 stores across the country, or about one-fifth of its USA store fleet, in a bid to restructure the company and emerge from bankruptcy protection. But, since news began breaking that the company could ultimately liquidate entirely, the retailer has been eerily quiet.
Worryingly, the company had yet to preview or even hint at some plan to restructure the company's debt and reorganize in Chapter 11.
Toys "R" Us's demise would hit a toy industry that's already faltering.
The onetime biggest toy store in the world has been struggling to stay afloat in a changing retail environment (hi, Amazon!). There are other options, of course, but this is the option certain lenders are pushing for, after a weak holiday performance.