Story by Chris Lundy & Jennifer Peacock
TOMS RIVER – Coming just weeks after the announcement that the Sears in the Ocean County Mall is closing, news surfaced that the Toys R Us is also shutting its doors.
Toys R Us corporate is keeping details to themselves, but Jersey Shore Online learned a closing timeline will be released shortly as the stores will soon launch liquidation sales. No details about the Hooper Avenue store could be confirmed by anyone at corporate.
According to a press release from the company, the company filed a motion seeking approval from Bankruptcy Court to “wind-down” business and liquidate inventory of all 735 stores in the United States and Puerto Rico.
However, that does not necessarily mean that the Toms River store will remain closed for long. The company stated that it is engaged in discussions with “certain interested parties” that would buy up to 200 of its top-performing American stores with a contingent of Canadian stores. It is unclear if the Toms River store is one of the top-performing ones. If it is, then Bankruptcy Court could allow the liquidation of the Toms River store to stop.
“I am very disappointed with the result, but we no longer have the financial support to continue the company’s U.S. operations,” said Dave Brandon, chairman and chief executive officer. “We are therefore implementing an orderly process to shutter our U.S. operations and will pursue going concern sales or reorganizations of certain of our international businesses, while our other international businesses consider their options.”
Brandon continued, “There are many people and organizations who have remained in our corner every step along the way. I want to thank our extraordinary team members who helped build Toys“R”Us into a global brand. I also want to express my appreciation for my colleagues on our board who have continued to provide support to sustain the brand and our operations throughout the restructuring process. I would also like to thank our vendors who we owe a great deal of gratitude to for their decades of support. This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years.”