'We're fine': Toys R Us says it's business as usual
MANAGEMENT is reporting it's business as usual for one of the region's leading toy retailers.
Clouds were cast over the future of the 45 Australian Toys R Us and Babies R Us stores after news broke overnight on Thursday that the American toy retailer would wind down the business and liquidate stock in its 735 US stores.
The news came after The Sydney Morning Herald reported the company failed to make a deal to restructure billions of dollars of debt.
Seventy-five British stores also were reportedly set to close within six weeks as no buyers had been found in the UK.
The Coast's store at Sunshine Plaza, though, is still going on as per usual, with management saying the overseas closures had nothing to do with local stores.
A spokesman for Toys R Us Australia said the closure announcements related to the company's US operations and that Toys R Us Australia stores remained "open for business and continue to serve customers".
"Our gift cards, VIP club points, lay-by, returns policy and other services remain unchanged," the spokesman said.
The Sydney Morning Herald reported the brands employed about 2700 people in Australia and as of last June, had made a $7.6 million operating loss in the 12 months to January 28, 2017, according to corporate filings.