Toys 'R' US Heading for Closure

[BanzaiCat]

I wonder if they'll do some massive sell-off of inventory. That would be a good time. :)

[Sir Slash]

On the positive side, now kids everywhere are going to have to learn to write 'R's the correct way.

[Steelgrave]

^Such an optimist!

[Sir Slash]

In my world, the Bourbon bottle is always half-full.

[bbmike]

In my world, the Bourbon bottle is always half-full.

I don't know if that makes me sad or happy. But bourbon is involved so I'll go with happy.

[mirth]

https://nerdist.com/kb-toys-return-replace-toys-r-us/

[Staggerwing]

Woohoo!

I really hope it works out. I think kids really appreciate their toys (and hobby stuff) more if there is some effort,  with the whole process of going to the toy/hobby store, spending time looking at all the wares and making a final decision, then having to endure the ride home before finally being allowed to open stuff and getting to play with it. Even more appreciation results from picking out stuff at the store but then having to wait until a birthday or holiday to actually get it.

Nowadays it's just turn on the computer, browse for a few minutes, click, buy, go to the mailbox. Rinse-repeat.

[Gusington]

WHAT WHAT WHAT

[bayonetbrant]

https://www.usatoday.com/story/money/nation-now/2017/12/05/bankruptcy-judge-approves-14-m-toys-r-us-executive-bonus-payout/925447001/

[Greybriar]

https://www.usatoday.com/story/money/nation-now/2017/12/05/bankruptcy-judge-approves-14-m-toys-r-us-executive-bonus-payout/925447001/

So Toys 'R' US is giving $14 million in incentive bonuses to its 17 top executives? It looks to me like the judge is on the take.

[bayonetbrant]

If they are written into their contracts, and the incentives were in fact met, then not paying those bonuses would be grounds for those execs to sue the company for breach of contract


but yeah, it looks really bad.

[Bardolph]

Went to my local Toys R Us Sunday and it was as crowded as I've ever seen it, and there were definitely gaps on the shelves but there didn't appear to be an actual sale going on. I asked an employee and they said they hadn't started discounting yet.  Not a whole lot I was interest in anyway but would definitely grab any copies of X-Wing, Axis and Allies or the Classic Risk (I use the wooden cubes from the old Risk sets as markers in a bunch of other board and miniatures games).

[bayonetbrant]

http://money.cnn.com/2018/03/20/news/companies/kb-toys-toys-r-us/index.html

[OJsDad]

Never minds the thousands of people losing their jobs.  Never mind that in past bankruptcy cases, the judges have voided gift cards, and will most likely do the same here.

https://www.msn.com/en-us/money/companies/toys-r-us-owes-pregnant-women-a-ton-of-money-—-and-its-refusing-to-pay-up/ar-BBKu2LF?ocid=spartanntp

A Business Insider story.

Toys R Us owes expectant mother Sarah Maiellano more than $340 in Babies R Us store credit as part of its gift-registry loyalty program called "endless earnings."
But Maiellano — like thousands of other women with Babies R Us registries — won't ever see that money.

Toys R Us pays out endless earnings in the form of a gift card 12 weeks after parents' expected due dates. Maiellano's due date is in May, and Toys R Us said it will stop accepting gift cards in a month as a result of a liquidation.

"I'm incredibly disappointed that Babies R Us has chosen to not honor its promise to registry customers," Maiellano told Business Insider. "I chose Babies R Us — not Amazon or other online retailers which are being blamed for the closure — exclusively for this cashback program."

Toys R Us, which is preparing to close or sell all its US stores, said Tuesday in a court filing that it would stop accepting gift cards on April 19. The company declined to comment further.

That means that any expectant mothers who don't receive — and then spend — their endless earnings gift cards within the next 30 days will lose the value on those cards.

Endless earnings are rewarded based on baby registry spending. Customers earn 5% cash back on the first $300 spent and 10% back on everything over that amount.

Maiellano said she called Toys R Us' customer service — and waited on hold for two hours — to urge the company to pay out her endless earnings immediately. A customer service representative declined her request.

Toys R Us refuses to pay out endless earnings immediately

She said she was shocked by the company's response.

"I expect a major company to communicate with its customers, yet registrants haven't been notified of this disgraceful decision in any way," she said.

Natalia Kane, who is expecting a baby on May 6, says she is also owed money through the endless earnings program. Kane said she called Toys R Us customer service three times — and waited more than 90 minutes on hold each time — to find out whether she will be paid the $215 that Toys R Us owes her.

Like Maiellano, she was told she would not be reimbursed.

"The company made a very generic statement out of the bankruptcy filing that is completely non transparent and leaves many customers in hopes to be reimbursed," Kane said.

Toys R Us is planning to close more than 700 stores as part of a liquidation after disappointing holiday sales thwarted efforts to restructure its business. It filed for Chapter 11 bankruptcy protection in September.

[OJsDad]

https://www.usatoday.com/story/money/nation-now/2017/12/05/bankruptcy-judge-approves-14-m-toys-r-us-executive-bonus-payout/925447001/

So Toys 'R' US is giving $14 million in incentive bonuses to its 17 top executives? It looks to me like the judge is on the take.

I've seen companies give bonus's to all levels of employees to get them to stay until the door are locked for the last time.