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Sep 22 - Toys R Us — crushed by debt — files for bankruptcy
Toy store chain Toys R Us filed for bankruptcy Monday night after struggling for years to pay down billions of dollars in debt and remain relevant in an era of online shopping.
Toys R Us been spiraling toward bankruptcy for years as it failed to keep up with competitors. Analysts cited many reasons for the company’s demise: Lousy in-store customer service, a second-rate website and prices that are often higher than at many of its big-box competitors. Add to that piles of mounting debt — much of it dating to a 2005 leveraged buyout — and it was clear, many said, that the 60-year-old brand was in trouble.
“When you’re cursed with all this debt, there’s no way you can grow or invest or compete anymore,” said Howard Davidowitz, a retail consultant who worked with Toys ‘R’ Us in the 1980s and 1990s. “Now they’re running up and down the halls trying to pick up the pieces, but there’s no way around it: This is a very bad situation.”
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