Toys ‘R’ Us says to shut about 180 US stores

The company filed for Chapter 11 bankruptcy protection in September casting doubt over the future of its 64,000 employees and nearly 1,600 stores. (Reuters)
Updated 24 January 2018
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Toys ‘R’ Us says to shut about 180 US stores

BENGALURU: Toys ‘R’ Us said on Tuesday it will shut about one-fifth of its stores in the US in the coming months, as the toy store chain tries to emerge from one of the largest ever bankruptcies by a specialty retailer.
The closure of about 180 US stores will begin in early February and continue until mid-April, Chief Executive David Brandon said in a letter on its website.
The company filed for bankruptcy protection just ahead of the crucial holiday season in the US and Canada to restructure $5 billion of long-term debt, casting doubt over the future of its 64,000 employees and nearly 1,600 stores.
All 83 Toys ‘R’ Us stores in Canada will remain open, said president of the Canadian unit, Melanie Teed-Murch, in a letter to customers.
Toys ‘R’ Us, which like other traditional brick-and-mortar retailers has struggled as more and more consumers shop online, is taking steps to try and entice customers to its stores.
The retailer planned to close unprofitable locations and improve its website and loyalty programs while investing in its stores, according to bankruptcy court papers.
Toys ‘R’ Us, which also operates the Babies ‘R’ Us chain, has set aside more than $400 million out of its$3.1 billion in bankruptcy loans for sprucing up about 900 stores over the next three years with more experiences and better-paid staff.
As the Wayne, New Jersey-based company aims to exit bankruptcy in 2018, its efforts to reinvent its stores will shape how other retailers look to experiential shopping to tackle e-commerce.


Saudi banks see no significant impact from lira depreciation

Updated 23 min 22 sec ago
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Saudi banks see no significant impact from lira depreciation

  • National Commercial Bank, Saudi Arabia’s largest bank by assets, earlier on Thursday said there was limited impact from the decline of the lira on the bank

DUBAI: There has been no significant impact from the depreciation of the Turkish lira on the results and quality of Saudi Arabian bank assets, Talaat Hafez, spokesman for Saudi banks, was quoted as saying in a tweet carried by the kingdom’s state TV Alekhbariya on Thursday.
Earlier on Thursday National Commercial Bank, Saudi Arabia’s largest bank by assets, said there was limited impact from the decline of the lira on the bank.
The currency has lost nearly 40 percent against the dollar this year, driven by worries over Turkish President Tayyip Erdogan’s growing influence on the economy and his repeated calls for lower interest rates despite high inflation.