Shoppers react to impending Toys 'R' Us closures
Toy retailer Toys "R" Us sent notice to employees Wednesday about plans to sell or close all remaining stores, according to the Wall Street Journal.
There are currently more than 700 Toys "R" Us locations, including Babies "R" Us stores, open in the U.S.
Both Babies "R" Us and Toys "R" Us would close as a result of the Chapter 7 bankruptcy filing, which wipes out debt. Toys "R" Us, Inc. had initially filed for Chapter 11 bankruptcy, which reorganizes debt.
When the company filed for Chapter 11 bankruptcy last fall, documents showed $7.9 billion in debt and $6.6 billion in assets.
In the metro-east, Toys "R" Us and Babies "R" Us are located on Commerce Lane in Fairview Heights. Toys "R" Us at 120 Commerce Lane opened in 1989. Babies "R" Us opened in 2004, replacing the city's Kids "R" Us.
If both stores close, Fairview Heights Economic Development Director Paul Ellis doesn't expect them to sit empty for long because the buildings are in a highly coveted area, he said.
"I think that property would be in high demand," Ellis said. "But I hate to see anyone close."
Cara Anthony: 618-239-2471, @CaraRAnthony