By NATALIE NOISOM
Recently, out of 735 Toys “R” Us stores, 400 remain open for the next month. The reason behind the recent closing its because the company has failed to find a buyer.
Charles Lazarus founded the company back in 1948 when he was 25 years old. The closing of all the stores is being blamed on its private owners who burdened the company with debt. The company filed for bankruptcy in September 2017 for owing more than $5 billion. Larian, the founder and CEO of MGA Entertainment, said this company ought to be saved.
According to money.cnn.com, Larian started a GoFundMe page to try and raise donations to save the few stores that are still open. The page so far has raised more than $200,000. The end goal is to raise publicity about the closing. Toys “R” Us planned to continue business even after filing for bankruptcy, however, the small holiday sales were making things much worse.
The issue with all these stores closing is all the people being laid off. So far 31,000 people have lost their jobs due to the closures of more than 180 stores. Toy’s “R” Us doesn’t have the financial ability to keep themselves afloat let alone employees. An estimated 60,000 employees were working for Toy “R” Us in 2017. So far half of them have lost their jobs.
Larian and two anonymous investors have pledged $200 million to try and save the remaining stores before they close.