Toys “R” Us will close three of its stores in South Florida

Company is trying to emerge from Chapter 11 bankruptcy

TRD MIAMI /
Jan.January 24, 2018 05:30 PM

Toys “R” Us Chairman, Dave Brandon, Geoffrey the Giraffe and a closing Toys “R” Us store (Credit: Toys “R” Us and Getty Images)

Toys “R” Us plans to close 180 stores as part of the company’s attempt to emerge from Chapter 11 bankruptcy.

The Wayne, New Jersey-based company will be shuttering three stores in South Florida — in Coral Springs, Boca Raton and Royal Palm Beach.

Toys “R” Us is also closing 15 stores in New York, including its Union Square Babies “R” Us, a store in Yonkers, and another location in College Point, Queens, CNBC reported. Toys “R” Us plans to begin closing down these stores in February.

“The reinvention of our brands requires that we make tough decisions about our priorities and focus,” chairman and CEO David Brandon said on Tuesday. “The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company.”

The company filed for Chapter 11 protection in September. At the time, the New York Times reported that the company had more than $5 billion in long-term debt, $400 million of which comes due this year. Vornado Realty Trust, a real estate investment trust run by Steve Roth, owns a 32.5 percent stake in Toys “R” Us, according to its September SEC filing. That SEC filing came after Toys “R” Us filed for Chapter 11; the SEC report says Vornado doesn’t hold any of the company’s debt.

According to a 2017 report by the Center for an Urban Future, Toys R Us has 14 locations in the city. The toy company closed its massive, 110,000-square-foot Times Square flagship at 1514 Broadway in late 2015. [CNBC]Kathryn Brenzel


Related Articles

arrow_forward_ios
Benderson CEO Randy Benderson and 1635 Northwest 107 Avenue

This real estate investor loves Toys “R” Us’ liquidation sale

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Power restored after blackout envelopes West Side of Manhattan

arrow_forward_ios