NEW JERSEY – New Jersey residents could see the comeback of popular toy store chain Toys “R” Us after the company’s nationwide shut down earlier this year.
According to Toys “R” Us’ Twitter, fans of the toy store should “stay tuned here for news and information on the next chapter for Geoffrey and the iconic Toys R Us brands.”
The company filed for bankruptcy in September due to increasing debt and decreasing sales. Initially, the retailer intended to close only about 20 percent of its stores and began the process back in February 2018 liquidating 170 of stores nationwide, 11 of those in New Jersey.
In March 2018, Toys “R” Us announced they would be closing all 735 locations throughout New Jersey and the US. The mass closures cost thousands of people their jobs, including over 1,000 people just at the company headquarters in Wayne, NJ.
However, in a surprising turn of events, the company this week filed to cancel a bankruptcy auction. The retailer hopes to create a new “independent US business, including, without limitation, expected expansion of employment.”