Toys "R" Us, a U.S. toy retailer, said Wednesday it plans to close 182 stores across the U.S. as more and more shoppers moved to online shopping.
The closure plan is a part of the company's restructuring efforts. "The reinvention of our brands requires that we make tough decisions about our priorities and focus," Chairman and CEO David Brandon said in a memo to customers.
"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," he added.
Toys "R" Us operates about 900 stores in the U.S. The company filed for bankruptcy in last September after revealing it was saddled with 5 billion dollars in debt.
With more and more people turning to online shopping, U.S. brick-and-mortar stores have been suffering in recent years. Retail giants, including Macy's, Sears and JCPenny, closed hundreds of stores last year.
The closure plan is a part of the company's restructuring efforts. "The reinvention of our brands requires that we make tough decisions about our priorities and focus," Chairman and CEO David Brandon said in a memo to customers.
"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," he added.
Toys "R" Us operates about 900 stores in the U.S. The company filed for bankruptcy in last September after revealing it was saddled with 5 billion dollars in debt.
With more and more people turning to online shopping, U.S. brick-and-mortar stores have been suffering in recent years. Retail giants, including Macy's, Sears and JCPenny, closed hundreds of stores last year.
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