"We understand, we're not just restarting the only other well-known and loved toy chain in the U.S. but hope to find places for those 33,000 jobs which will be lost as Toys "R" Us closes", Kassoff posted.
"My assumption is that there's about half a billion dollars worth of toys that have been produced for Toys "R" Us with no place to go", Strategic Marks president Ellia Kassoff told CNNMoney. Amazon, Target, and Walmart all cranked up toy discounts during the holiday shopping buzz, severely hurting Toys-R-Us revenue during this critical time of business.
That's about how much in sales Toys R Us would leave on the table if it were to close all of its USA stores.
The rest of the company's creditors were part of the initial bankruptcy filing and their collateral is Toys' other assets. The company is hoping to keep at least 200 open in order to sell its operations in Canada.
Kassoff, like several other players, is watching the collapse of Toys R Us in the USA and seeing an opportunity worth potentially well over $1 billion.
The company that owns the KB Toys brand, Strategic Marks, is going to work with tried-and-true holiday and pop-up pros like Spencer Spirit Holdings and Party City to get retail space as quickly as possible, CNN Money reports. The retailer blamed high debt levels and intense competition with online retailers.
When Call 12 for Action contacted the North Attleboro and Warwick locations, associates said liquidation sales are expected to start Thursday. After that, you risk forfeiting any value on these cards.