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Toys R Us liquidation sale starts in less than 24 hours
22 March 2018, 01:32 | Lorenzo Hawkins
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Ellia Kassoff, the founder of Strategic Marks LLC, said the company has "spent the last six months working on a sustainable model to bring back KB Toys the right way", adding that KB Toys will have to successfully compete with both big-box stores and online retailers.
Toys R Us' UK distribution centre closed today making almost 100 staff redundant as the failed retailer continues its "orderly wind down".
Toys R Us will beclosing or selling all of its United States stores after filing a motion to liquidate its USA business on March 15.
The company that owns the KB Toys brand, Strategic Marks, is going to work with tried-and-true holiday and pop-up pros like Spencer Spirit Holdings and Party City to get retail space as quickly as possible, CNN Money reports. The company initially filed for bankruptcy last September, citing more than $5 billion in long-term debt. The sales will start of on the lower end, around 25 percent, with an increase in discount happening in the coming weeks.
Simon Thomas, joint administrator and partner at Moorfields, said: "It is with great regret that we have made the hard decision to make 98 people redundant at the company's distribution centre in Coventry".
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