Published: Mon, March 26, 2018
Health Care | By Belinda Paul

Toys 'R' Us founder dies as iconic retail chain folds

Toys 'R' Us founder dies as iconic retail chain folds

The news that Toys R Us is going out of business hit an entire generation of consumers and collectors like a punch in the gut.

"This is something that we grew up, as 'Toys R Us kids, ' I guess, down to Milwaukee, I guess". All of the toy vendors, including MGA, made a lot of money selling to Toys "R" Us.

Well, today we're happy to be able to report some good news on the Toys R Us front: A big campaign to save the dying store franchise has gained some impressive ground!

"It's contagious, it's a great environment, it's fun to come to work", says Sherry Stone, manager at the Cotswold Village location of Toys & Co.

Toys R Us announced it would be closing or selling all 735 of its United States stores this month after filing to liquidate.

And they're hoping the outpouring of affectionate nostalgia when Toys R Us announced its plans - #SaveToysRUs has been a trend on social media - translates into pledges toward their $1 billion goal.

The company said last week it's trying to bundle its Canadian business with about 200 USA stores and find a buyer. He's CEO of Bratz doll-maker MGA Entertainment, which relies on Toys R Us for almost 1 in every 5 sales.

The iconic toy giant kicked off its liquidation sale after announcing it will shut or sell all of its 735 stores.

Nickednamed the "Toy King" by the press during the chain's heyday, Mr Lazarus launched what became Toys R Us aged 25.

The industry has also lost millions to Toys "R" Us, including Larian's Van Nuys, Calif. -based MGA, which is owed about $12 million, according to court filings. "Even though they are small now, we have memories for the future as far as the pictures go", said Ashmore.

Toys R Us had hoped to reorganize under the bankruptcy laws but opted to liquidate after what Toys R Us Chief Executive David Brandon called a "devastating" holiday shopping season a year ago. His first job: washing dishes at a Lawndale restaurant.

Many people stood in line stocking up on last minute Barbie dolls and action figures. "He knew the toys and loved the toys, and loved the kids who would shop in the stores".

Lazarus died March 15 in Manhattan, Michael Goldstein, a close friend who was the company's former chairman, said in a phone interview.

"An important distinction between Toys and other recent bankruptcies is that many of Toys' leases [today] are well below market-a silver lining for landlords", analysts from Green Street Advisors wrote.

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