Toys R Us liquidation sale starts in less than 24 hours

Toys R Us

Kassoff, whose company has brought back candy brands such as Hydrox and Astro Pop, invited Toys R Us employees, as well as other players in the toy industry, to apply at KB Toys.

Toys R Us also announced that it is pursuing a reorganization and a sale process for its Canadian and global operations in Asia and Central Europe, including Germany, Austria and Switzerland.

Meanwhile, toy makers are fretting, and retailers and rivals are rubbing their hands. FAO Schwarz, once a unit of Toys R Us, is plotting a reentry into physical retail after exiting a couple years ago with the closure of its (very expensive) Manhattan flagship.

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If you haven't heard by now, I'm sorry I have to be the one to break it to you, but Toys R Us is going out of business.

Toys R Us is still hoping to keep 200 American stores open in hopes a buyer out of Canada is interested in taking them over as part of a package deal to sell its Canadian stores. A representative of Babies R Us couldn't be reached about the timing of its inventory liquidation.

Claire's is another retail giant to fall victim to lagging sales and mounting debt. The sales will start of on the lower end, around 25 percent, with an increase in discount happening in the coming weeks.

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"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", said Strategic Marks president Ellia Kassoff, in a phone interview with CNNMoney. All sales will be final on purchases during the liquidation process.

"It is with great regret that we have made the hard decision to make 98 people redundant at the company's distribution centre in coventry", joint administrator Simon Thomas said.

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