Toys R Us stores are well known to generations of children and parents.
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The demise of Toys R Us will have a ripple effect on everything from toy makers to consumers to landlords.CEO David Brandon told employees Wednesday the company's plan is to liquidate all of its U.S. stores, according to an audio recording of the meeting obtained by the Associated Press.Brandon said Toys R Us will try to bundle its Canadian business, with about 200 stores, and find a buyer. When Toys R Us initially announced it was filling for bankruptcy protection last year, the Asian venture said it was not affected and operated as a separate legal entity independent of other Toys R Us businesses around the world.In Hong Kong, where Toys R Us has 15 stores, parents said there were few other choices in a retail market dominated by a few big players.Toys R Us had about 60,000 full-time and part-time employees worldwide last year.
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