Liquidation sales for Toys R Us kicked off Friday, a spokeswoman told CNBC.
Liquidation sales for Toys R Us kicked off on Friday, a spokeswoman told CNBC.
The start of the sales came later than expected. Toys R Us was planning to begin liquidating inventory a day earlier but “unforeseen circumstances” postponed the markdowns, infuriating some shoppers who arrived at stores that morning expecting to see deals.
Toys R Us last month had already begun liquidating the roughly 180 stores — under both the Toys R Us and Babies R Us banners — that were first on the chopping block as part of a reorganization strategy. Discounts on items were as much as 30 percent off, to start.
Recently, though, the toy retailer was pushed into total liquidation after failing to make payments to vendors, weighed down by a heavy debt load.
Toys R Us will shutter more than 800 stores across the U. S. unless a bid to save as many as 400 locations is successful. MGA Entertainment CEO Isaac Larian and other investors have pledged a total of $200 million and hope to raise four times that amount in crowdfunding to save part of the business, according to the Associated Press.
Toys R Us shoppers will have until April 21 to use their remaining gift cards at stores or online.
Click here to see a map of all of Toys R Us’ U. S. stores.
