Now’s your chance to check off that toy list of yours, or perhaps get a major head-star on this year's Christmas shopping. According to a report from USA Today, Toys "R" Us locations in the United States will be getting rid of their repsective inventories via a massive liquidation sale beggining tomorrow, March 22, and ending in late June.
Last week, the news broke that the company would be going out of business for good and shuttering its various branches worldwide, ending over 30,000 jobs in America alone, which contains 800 stores. This was not altogether surprising as Toys "R" Us had already filed for bankruptcy in September. Nevertheless, a plan to get rid of products by holding massive liquidations sales was only just approved by U.S. Bankruptcy Court in Richmond, Virginia, writes the report.
The plan that was finally decided upon, however, was apparently called "unfair to toy manufacturers" like LEGO and Mattel. Some lawyers representing these corporations stood in line for eight hours to try and sway the judge to convert the Chapter 11 case to a Chapter 7 one, which would place "the sale of assets placed in the hands of a court-appointed trustee."
"It's a tough decision, in the way that pulling life support from a brain-dead patient is a tough decision," James Wilton, attorney for the vendor Thorley Industries, told USA Today.
Depending on how long it takes to sell out, some stores may close earlier than others, but the distribution centers for the stores will definitely be the first to shutter their doors. While the liquidation sales will probably include incredible savings on all toys and games, Toys "R" Us locations have already started holding going-out-of-business sales, some beginning as early as last month. There's also the chance that 200 of the most profitable stores in the U.S. will remain open if the company (based in Wayne, New Jersey) can reach a deal to sell them to Canadian interests.
Of all the places to fill the void left by the kid-friendly juggernaut, KB Toys plans to open 1,000 pop-up toy stores by the end of the year.