KB Toys aims to fill the void of Toys 'R' Us

KB Toys aims to fill the void of Toys 'R' Us

Toys R' Us announced last week it's closing its doors, and that means Babies R' Us is closing too.

Toys R Us announced March 15 it is negotiating in bankruptcy court to close all 735 USA locations and liquidate inventory.

"We are grateful for the hard work of Toys R Us staff during this very difficult period".

"My assumption is that there's about half a billion dollars worth of toys that have been produced for Toys "R" Us with no place to go", Strategic Marks president Ellia Kassoff told CNNMoney.

Kassoff says he's working with companies that specialize in holiday and pop-up retail, like Spencer Spirit Holdings and Party City Holdco to get a quick retail footprint.

The name and trademarks were purchased a year later by the owners of Toys "R" Us and then sold again in 2016 to Strategic Marks.

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The pop-up stores will end after the holiday season unless they perform well and report high sales numbers.

Toys "R" Us announced earlier in March that it was going out of business, which would affect close to 30,000 employees, according to the Deseret News.

Toys R Us stores in all these global markets are now open and serving customers.

The company had filed for bankruptcy last fall.

"We are therefore implementing an orderly process to shutter our USA operations and will pursue going concern sales or reorganizations of certain of our global businesses, while our other worldwide businesses consider their options", he added.

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