US-based toy retailer Toys ‘R’ Us has initiated the closure process of certain stores that operate under Toys ‘R’ Us and Babies ‘R’ Us banners across the country after receiving court approval.
As part of its store closure process, the retailer has announced liquidation sales at select stores across the country.
The store closing sales will be managed by a consortium that will include Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group and Great American Group.
Consortium spokesperson said: “Not only will the sale provide loyal customers from coast to coast the opportunity to purchase their favourite products at significantly lower prices, it will also include new merchandise at even deeper discounts.
“Due to these substantial reductions, we encourage consumers to shop early to take advantage of the best selection of products available while supplies last.”
The toy retailer further added that they intend to sell the furniture and fixtures of the stores that will be shut by the company at a later stage.
Last September, Toys ‘R’ Us filed for Chapter 11 bankruptcy protection in order to safeguard its Toys ‘R’ Us and Babies ‘R’ Us brands.
For nearly seven decades, Toys ‘R’ Us has been offering a wide range of assortment of toy and baby products to families worldwide.