Toys R Us Liquidations Begin on Thursday, March 22nd- UPDATE
The pending liquidation of Toys R Us has been delayed. A court junction was issued yesterday stalling the sales. Reports are circling that vendors are requesting their merchandise back due to a lack of payment AND stores did not receive the proper signage. We were told that the sales could start as early as Friday or be completely moved to a different date. Information was also relaid that the bid to save some of the stores has failed.
According to USA Today, and confirmed by a company contact, Toys R Us will begin the liquidation process on Thursday, March 22nd 2018. The current plan is for all stores to be closed by the end of June 2018. Discounts will start at 10% depending on department and will follow a set schedule. Here’s what the article had to say:
“The timetable was disclosed Tuesday at a hearing in U.S. Bankruptcy Court in Richmond, Va. The toy superstore chain, which last week announced plans to dissolve its U.S. operations, came seeking court approval for its liquidation sale plan.
Some store may close earlier, he said, if inventory sells out faster.
The company’s distribution centers, which supply the stores, will close before the stores do, said Bill Kosturos, vice chairman of U.S. restructuring for Alvarez & Marsal, one of the companies advising Toys R Us in the liquidation. Otherwise, the operation is expected to take 14 weeks.”