Will Toys ‘R’ Us Bankruptcy Effect Rockford?
In the world of buying everything online, another retailer is taking a big financial hit.
UPDATE: Toys 'R' Us has officially filed bankruptcy. According to Washington Post, TRU's chairman/CEO made this statement.
“We are confident these are the right steps to ensure that the iconic Toys ‘R’ Us and Babies ‘R’ Us brands live on for many generations.”
Toys 'R' Us is expected to file Chapter 11 bankruptcy to try to maneuver through a five billion dollar debt, according to Yahoo. There's no word on whether or not stores will be closing but their looming debt is becoming a problem with suppliers demand for product repayments.
As we've watched other "big box stores" leave Rockford it wouldn't be shocking if Toys 'R' Us left Forest Plaza. It's not like there aren't other stores selling toys, but Rockford competition isn't the problem. It's online shopping through websites like Amazon that are bringing down big retailer. It's just the world we're living it. Society seems to be about instant gratification until it comes to Amazon. Maybe it's because of the surprise of a package arriving through snail mail?
Toys 'R' Us will probably file bankruptcy before holiday shopping begins, their busiest time of the year, according to Yahoo Financial.
Comments published by Reuters and the Wall Street Journal, suggest that the toy retailer could be forced to file for bankruptcy within a matter of weeks, after it has faced tighter terms from suppliers ahead of the Christmas season.