Toys “R” Us is closing its only two stores roughly a year after a highly anticipated relaunch of the storied brand.
Tru Kids Inc., which bought the retailer in a 2018 liquidation sale, confirmed that its two locations in New Jersey and Texas that opened in late 2019 have permanently closed because of the pandemic.
Retailers are battling hard over toys, flat-screen TVs and new tech gadgets this holiday season, and Amazon appears to be in a strong position.
The company said on Tuesday that it sold 18 million toys between Thanksgiving and Cyber Monday. Amazon did not disclose toy sales from last year, but it has been stockpiling toys since Toys “R” Us’ closed its stores in June.
Amazon (AMZN) expanded its toy efforts in the run-up to the holidays. It mailed out a 70-page toy catalog with top items and deals, and even began selling toys at Whole Foods. Last week, Amazon offered discounts on Barbie, Hot Wheels, Fisher-Price, and Lego.
Toys R Us is closing its iconic flagship store in New York City’s Times Square at the end of this month.
The retailer is not renewing its lease on the 110,000-square-foot store, which features a giant indoor Ferris wheel, a life-size Barbie dollhouse, and a 20-foot Tyrannosaurus Rex dinosaur, CNN Money reports.
“It is certainly bittersweet,” Toys “R” Us CEO Dave Brandon told CNN Money, referring to the rush of shoppers in the store for the final Black Friday at the Times Square location.
We reached out to Toys “R” Us and will update when we hear back.
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