Mediacom world news portal
After struggling to keep its customers against competition from the online shopping industry for more than 10 years, the largest toy chain store in America finally surrenders. Reportedly, Toys ‘R’ Us has filed for bankruptcy on Monday, Sept. 8 in the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond. Thus, ending the story of the toy store that has enticed Americans for 69 years.
The surprising news, according to Reuters, is the latest indication of the current turmoil in U.S. retail business. Toys ‘R’ Us has become the latest retailer following Payless, Gymboree, Perfumania, and many others that have already filed the Chapter 11 document.
The company’s CEO David Brandon, who took the helm of the company in 2015, has made a tremendous effort to keep Toys ‘R’ Us afloat. Unfortunately, the pressure from online shopping and discount chain stores was too hard to handle. According to Bloomberg, Toys ‘R’ Us has not reported a profit in a single quarter since 2013.