Michigan; Great prices on toys could be coming your way
If you have not heard yet you are hearing it now. Toys R Us was unfortunately unable to restructure their more than $5 billion dollars in debt so they apparently are planning on closing more than 800 of their stores in the Unites States.
Apparently their creditors decided that they could take a lessor loss by selling the assets than restructuring their loans.
It appears that a good part of the blame for their failure has to do with progress which brought what economist term creative destruction. The progress came from us consumers walking away from brick and mortar stores and turning to online shopping. You can credit Amazon for destroying many jobs out there while their owner Jeff Bezos became the richest man in the world. Another part of the failure equation came from the fact that more children preferred their electronic gadgets to actual board games and toys.
That is horrible news for the approximately 33,000 people who work for them, I wish them all the luck in finding a new job. They are lucky that the President is Donald Trump so there may be many opportunities for them.
The good news is that they will probably have some great prices on the toys that they have in inventory and must sell as part of their bankruptcy filing last September.
So you parents might want to think about stocking up early for Christmas this year.