Don’t Worry, Kids, Toys ‘R’ Us Will Return
Well, it looks like everyone cried over the picture of Geoffrey the Giraffe in the empty store for nothing. The picture that broke everyone’s heart came after the announcement that all 735 Toys ‘R’ Us stores across the United States would be closing due to bankruptcy. They filed in September 2017 and officially closed their doors in June 2018. The franchise operated for 70 years.
The New Announcement
The company replaced the Toys ‘R’ Us bankruptcy auction with a plan to give the brand a fresh start and open brand new stores.
According to Reuters, the leaders abandoned their original plan to sell the brand name and the assets. Instead, they want to “open a new Toys ‘R’ Us branding company that maintains existing global license agreements and can invest and develop new retail shops.”
The decision only happened because creditors saw rebranding as a better economic option than any bid for the original brand’s assets.
More To Come
No one knows yet just how many stores the company plans to open with the brand reboot, or what kind of store they would be upon opening. We also have no way of knowing how it will perform. We also do not know what this means for the nearly 30,000 employees who lost their jobs with the closing. Because they were going out of business, the workers were denied severance pay and other cushions that come with being let go from your job. Many said they were prepared to even take the company to court to get their money.
Hopefully, this means that those employees will be contacted and offered similar positions (and salaries) that they had before. Although, there might be some broken trust there, and they will have to find new people. And new people might be necessary for this new brand they are hoping to achieve.
Most importantly, what does this mean for Geoffrey the Giraffe? Can he come home? Will they leave him behind? Many questions need to be answered.
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