Struggling Toys R Us To Shutter 182 Stores

The New York Times reports:

Toys “R” Us is planning to close as many as 182 of its stores as it struggles to reorganize in bankruptcy. The toy chain, which filed for bankruptcy last September, said in a court filing late Tuesday that the stores selected for closing have failed to meet “performance standards.” The planned closings represent about 20 percent of Toys “R” Us stores in the United States, which span from California to New York.

The decision to close stores in the United States represents a shift by the failed toy chain. When Toys “R” Us filed for bankruptcy, it initially kept all of its stores open and hired more workers ahead of the holidays. The closings may have been accelerated by what the company said was a rough holiday season. Even as other retailers experienced banner sales in November and December, Toys “R” Us said its sales were disappointing and cited “operational missteps,” which it did not detail.