Toys R Us closing multiple US stores! 3-15-2018 - all stores expected to close

Discussion in 'Transformers News and Rumors' started by Prime135, Jan 23, 2018.

  1. Xelotah

    Xelotah Well-Known Member

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    Well, the Savannah TRU sems to be the only one in the area, so that's probably a good sign...
     
  2. SeiberBirdR

    SeiberBirdR Sapienbot

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    I expect at least one in the DFW area. Probably either the North Park or Mesquite location. The North Park probably sees more traffic but I assume the rent is significantly more. Probably at least one in Houston.

    Hopefully this bid goes through, or is out done by someone else. I would prefer ToysRUs not to have significant partial ownership by one of the toy companies. Of course, one of second tier companies like this is better than being directly owned by Hasbro.

    Maybe a good business plan and significantly less debt can get the brand off the ground again. If this and the Kaybee's pop-up mix plan work, that might mean decent competition and coverage about five years down the line. One thing I hope to see someday is in store preorders with at least retail pricing. That would likely steal me away from so much online ordering. I wonder how well these plans will serve the collectors' market, and how well we will finance them.
     
  3. smkspy

    smkspy is one nice fucking kitty

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    Hope for the best, expect the worst.
     
  4. Autobot Burnout

    Autobot Burnout Anthony Hopkins with a submachine gun. 'Nuff said!

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    Based on what I can understand about the bid, is that it's just the super rich guy trying to save the company with his own money and NOT a penny from his toy company. I would expect that if the bid is successful, that he would be involved in setting up those in charge of managing the salvaged remains of TRU but he himself would not have a significant enough controlling stake in the end on account of being the owner of a company that relies on TRU. I think he said in an interview that he is more concerned about trying to preserve the big toy retail market to prevent the major toy conglomerates having retail advantage over smaller companies whose products are not carried in Big Six markets (Target, Walmart, etc.). Which makes sense as given the kind of money this guy is putting up, he could easily have just started his own toy store franchise instead of trying to go all-out to save an existing one.
     
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  5. GoLion

    GoLion Returning to lurker.

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    Is there something I'm missing? The Star Wars stuff is still all over the place at my local stores. I would've thought everyone would want the new stuff from TLJ.
     
  6. AzT

    AzT Azlaroc, Yeargroup 431 Moderator News Staff TFW2005 Supporter

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  7. bradforj

    bradforj Well-Known Member

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    UPDATED: Scored two Heenans and only need Sexual Chocolate now.

    Is there any chance some of you have seen a Fan Central Bobby Heenan and/or Sexual Chocolate in any of your TRU stores? I would be happy to offer a few bucks extra to anyone who can get hands on these. I need one of each for my collection plus an extra Heenan for a Lou Albano custom I am working on.
     

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    Last edited: Apr 14, 2018
  8. smkspy

    smkspy is one nice fucking kitty

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    Have you been to any retail store in the past couple of years? Walmart can't even sell it when massively discounted.
     
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  9. Scourgatron

    Scourgatron Heavy Metal Flamewar

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    I saw about 50 Rose's on the clearance aisle at walmart last night.
     
  10. RKillian

    RKillian http://www.rktoyandhobby.com

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    The last time I saw 50 of any line (forget a single toy) was back in 1999 when Phantom Menace got its own aisle.
     
  11. Carnage73

    Carnage73 Well-Known Member

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    From Bloomberg News:

    Billionaire Isaac Larian, the toy marketer whose lineup includes Little Tikes and Bratz dolls, offered to save part of Toys "R" Us from liquidation with an almost $900 million bid for stores in the U.S. and Canada.


    Larian would pay $675 million and $215 million for outlets in Canada, he said Friday in a statement. The funds will come from Larian himself and bank financing, including UBS Group AG and Bank of America Corp., Larian told Bloomberg in an emailed statement.

    The would-be rescuer is the chief executive officer of MGA Entertainment Inc., which sells toys including L.O.L. Surprise! and Baby Born. Larian previously started a GoFundMe campaign to help keep Toys “R” Us open, with the page now showing pledges of $200 million from Larian and other investors, and an additional $58,998 from various public contributions.
    The crowdfunding “was meant to bring community awareness to the effort of saving Toys ‘R’ Us,” he said via email. “We are financing this from personal funds as well as bank financing.”

    Larian’s statement said a formal bid had been put in, but he said later via email that “the bids are going in today.” He’s working with advisers, whom he declined to name, and said he intends to bid for about 274 U.S. stores. Representatives for Toys “R” Us and UBS declined to comment, and BofA didn’t immediately respond to a message.

    Toys "R" Us has until April 16 to notify Larian and any other bidders whether their offers are sound enough to be part of an auction. Under bidding rules approved by a bankruptcy judge, bidders must meet certain minimum qualifications.

    Should Larian win the auction, his bid would need approval from a bankruptcy judge and could face opposition from lenders if the value falls below rival bids from firms bent on liquidating the retailer.

    The court rules say a company must accept the bid that offers the “highest and best” value, which will sometimes lead to a fight in front of the judge over which bid meets that definition. If a lower-valued offer keeps the company alive and saves jobs, the bidder can try to argue it should prevail over a higher-paying competitor.

    Last Minute
    For bids to be considered, the debtor must file a proposed form-of-sale agreement, and interested parties get the chance to object before a given deadline, Bloomberg Intelligence litigation analyst Negisa Balluku said. Toys has a bid-deadline scheduled for its Canadian assets today, April 13, a sale-objection deadline on April 16 and an auction on April 18.

    Larian would join a list of bidders taking last-minute looks at parts of Toys "R" Us. The company drew multiple offers of over $1 billion for its Asian business, a lawyer for Toys “R” Us said Wednesday in bankruptcy court. Those come amid efforts to wind down U.S. operations, after attempts to restructure the Wayne, New Jersey-based business and keep it operating collapsed.

    The company filed for bankruptcy in September, hoping to shed debt and turn around the business, but after dismal sales during the holiday season, it opted to liquidate.

    Damage Control
    Toys has said it will shut all of its U.S. stores and is in the process of collecting bids from liquidation companies. The company said last month it may be able to save about 200 U.S. stores by selling them as part of auction for the Canadian division.

    A complete shutdown would be a blow to toymakers such as MGA and other suppliers, since Toys “R” Us ranked as the industry’s biggest retailer. It could also cost tens of thousands of workers their jobs. Last month the company said in court papers that it had about 30,000 employees working in the stores and distribution centers it plans to close by the end of the year.

    “The liquidation of Toys ‘R’ Us is going to have a long-term effect on the toy business,” Larian, whose closely held company is based in Van Nuys, California, said in the statement. “The industry will truly suffer.”

    The case is Toys “R” Us, 17-34665, U.S. Bankruptcy Court, Eastern District of Virginia (Richmond).
     
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  12. Treadshot 2.0

    Treadshot 2.0 Action Master

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  13. NeilJam

    NeilJam Resident Audiophile

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    My store (9251 in Robinson Twp, PA) closed it's doors for the final time today. Liquidator called it quits shortly after 4pm. At the start of the afternoon the discount was 92% off everything (no exceptions) but there really wasn't much product left on the shelves. The last toylines that remained were Yokai Watch and Zak Storm. Someone did come in and buy a bunch of the Yokai stuff, but pegs full of Zak Storm figures remained until the end. They did bump the discount up to 95% around 2pm (because those 3 percentage points make a difference) and finally 99% off the last couple transactions.
     
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  14. SeiberBirdR

    SeiberBirdR Sapienbot

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    I agree that this is probably our best case scenario and he probably won't have the the capability to do anything scummy (even if he wanted to and I doubt that). Just my usual distrust of retailer and producer integration.

    So right now we are looking at about $2.5 Billion in bids so far between Germany, US(partial)+Canada, and Asia(-Japan). I just cannot imagine these portions being worth much more in liquidation. Unless somehow the brand itself ends up being valued at a few billion. Toys R Us is way over leveraged. Lenders are definitely going to be getting a hair cut when it is all said and done.
     
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  15. Autobot Burnout

    Autobot Burnout Anthony Hopkins with a submachine gun. 'Nuff said!

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    I guess it just depends on factors we won't get numbers on, like how exactly TRU's stock movement infrastructure is designed.
     
  16. Dragonclaw

    Dragonclaw Comic Ink - Dublin, CA

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    There's also the money brought to the table by the real estate sales...which could be substantial with bidding wars on quite a few locations.
     
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  17. Lazerwave

    Lazerwave My Most Prized Treasure

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    Do you think any Toysrus exclusive that was announced at toy Fair this year will still be available in Canada or something?
     
  18. fanbase0000

    fanbase0000 Well-Known Member

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    A wave 1 TRU when they had Star Wars toys at 60% still had lots of Star Wars toys while all the TMNT, Voltron, And Transformers were all long gone by 10% off.
     
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  19. Geof7609

    Geof7609 Brake Pioneer

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    Weird, the store closest to my work (Fullerton, CA) is telling customers they'll still be around throughout May, possibly into June. They, like the other TRU near my home, is still at the "up to 30% off" stage of the liquidation. I'm curious about how the closing schedule varies from store to store now.
     
  20. iacon45

    iacon45 Missing: One Custom Title

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    Could be their TRU store was one of the stores on the earlier closings list that started their closing sales before the announcement that the rest of the stores were going into liquidation.
     

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