Toys R Us liquidation sale could start Thursday
When New Jersey digs out from yet another nor'easter on Thursday, Toys R Us could be a popular destination as the company continues its plan to close all its stores.
The next step in that process could be starting liquidation, which, according to USA Today, could start a early as Thursday.
With around 700 stores still open across the country, the company said it expects liquidation to take approximately 14 weeks. The latest development came as the company appeared in U.S. Bankruptcy Court in Virginia, with vendors and creditors wondering how they will get their money back.
James Malfitano, a liquidation specialist advising Toys R Us in the process. said this marks "probably the largest retail liquidation in the country's history," according to USA Today.
Toys R Us announced on March 15 that it would begin to "wind down" business in the United States. While the company did not specify when liquidation would start, the company said the process would start "very soon." Part of the process would be that customer programs, which includes rewards dollars, Endless Earnings, and gift cards would be honored for just the next 30 days.
A Worker Adjustment and Retraining Notification (WARN) notice posted with the state Department of Labor and Workforce Development shows 1,159 warehouse jobs will be lost in Wayne and 473 in Flanders as of May 14.
"This is a profoundly sad day for us as well as the millions of kids and families who we have served for the past 70 years," Chairman and CEO Dave Brandon said in a statement.
The company filed for bankruptcy protection last fall, claiming $5 billion debt.
The company currently has 40 locations in New Jersey (T=Toys R Us B=Babies R Us B/T=both)
- Atlantic City (T)
- Cherry Hill (B/T)
- Deptford (B/T)
- East Brunswick (B/T)
- Eatontown (B/T)
- Hazlet (T)
- Iselin (B/T)
- Jersey City (B/T)
- Lawrenceville (T- two locations)
- Livingston (T)
- Manalapan (B)
- Mays Landing (B/T)
- Paramus (T two locations)
- Raritan (B/T)
- Rockaway (B/T)
- Secaucus (B/T)
- Tinton Falls (T)
- Toms River (B/T)
- Totowa (B/T)
- Union (Union County)(B/T)
- Vineland (B/T)
- Watchung (B/T)
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Contact reporter Adam Hochron at 609-359-5326 or Adam.Hochron@townsquaremedia.com