Toys R Us’ bankruptcy court hearing was yesterday and they’ve announced that the going out of business sales will being Thursday for the rest of the stores with it running until June or earlier if inventories sell out quicker. Toys R Us says they are working to make the maximum payments they can to the vendors as well as the banks as they are starting to close down more than 700 stores. They are also wanting to stop more than $450 million in payments to suppliers which is a move that will hurt smaller toy companies on their books.
According to a report by Reuters, there are more than 50 vendors, including LEGO, that have objected to the liquidation. Obviously LEGO would like to have their products back instead of having it sold at lower prices in order to make payments to the banks. This corresponds to the memo that I reported on seeing the other day that lists LEGO on the “Do Not Liquidate” list but there are also reports that some stores have listed LEGO sets at 10% off which are probably the older ones.
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