Economy

KB Toys could return to fill void left by Toys R Us

KB Toys could return to fill void left by Toys R Us

"We are grateful for the hard work of Toys R Us staff during this very difficult period".

It was revealed last week (15 March 2018) that all Toys R Us UK stores will shut down after insolvency specialists from Moorfields Advisory, who were called in in February, failed to find a buyer for the retailer.

Strategic Marks, which owns the KB Toys name and brand, announced that it plans to open 1,000 pop-up KB Toys shops this year for Black Friday and the holiday season, according to CNNMoney. "That's a big, big void that we're hoping to fill up".

Kassoff said in a post on Linkedin that if the pop-up stores perform well, it's possible some locations could stay open permanently.

Kassoff said he's drawn influence from stores like Spencer Spirit Holdings Inc., Go!

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"We're talking to companies that know how to do it, they have a methodology, they're used to rolling out stuff real quickly", he said. However, Toys "R" Us' decision to close its doors inspired him to follow the pop-up idea.

We went to a Toys R Us store in Yonkers, New York, that was part of the initial round of store closings. "We are working closely with employees affected by the closure of the distribution centre to ensure they receive the support they need to assist with their claims for redundancy and other compensatory payments".

The toy retailer is in the process of closing 735 of its stores nationwide. The New Jersey-based chain filed for bankruptcy in September, with disappointing holiday sales and concern among vendors adding to its financial issues.

Reports surfaced yesterday Amazon was considering purchasing some of the vacant Toys R Us storefronts as part of its plans to expand its brick-and-mortar presence.


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