Friday marks the beginning of the end for toy seller Toys R Us as the toy retailer announced they will begin their liquidation sales on March 23rd at hundreds of stores around the country.
The going-out-of-business sales is the latest in a series of sad news for the 70-year-old company. On Thursday, Toys R Us founder, Charles Lazarus died at the age of 94. Lazurus, who began his retail career selling children's furniture, pioneered the creation of what was one of the nation's biggest superstore chains in 1948.
His death comes a week after the company announced it would be shuttering its U.S. operation after unsuccessfully reorganizing following a bankruptcy protection filing in September 2017.
It was also announced on the same day that Toys R Us had planned to start its liquidation sales. The sales were postponed due to "unforeseen circumstances," signs posted outside stores around the country and a person familar with company's liquidation plans said.
The mass liquidation event at 740 stores will join the ongoing going-out-of-business sales at 182 stores that began last month. Those locations should be shuttered for good by mid-April.
Toys R Us promised "deep discounts and promotions." But workers at a Toys R Us in New York City's Times Square, where most merchandise had only been discounted 10 percent with a few items on sale at 30 percent off, said Friday that it could be a month before deep discounts come.
The company stated on its website that customers can continue to shop online for products "for a limited of time," but it was unclear when the retailer's online store would stop accepting orders. All online orders are expected to be fulfilled and customers should expect to receive them.
The retailer said customers can continue to use their Toys R Us credit cards through the end of the liquidation sales, and will honor Toys R Us gift cards until April 20. However, rewards or discounts associated with the card will no longer be accepted. It has also stopped accepting coupons, including from the Geoffrey Birthday Club, on March 22.
Stores will accept returns on products purchased before the liquidation for the next 30 days. All purchases made after liquidation sales begin are final, which means they cannot be returned or exchanged.
At Babies R Us stores, no new registrants will be accepted, but existing registrants can still continue to access their registries while the online store is still open. They encourage shoppers to save or write down products on their registries as soon as possible to list what they want before the option is turned off.
The company has been posting job openings recently for temporary positions to help during the liquidation process. But the store closings mean that around 31,000 employees will ultimately be laid off.
For additional questions about products, warranties or rewards, customers in the U.S. can contact the Customer Service Department at 1(800) TOYSRUS or 1 (800) 869-7787 between the hours of 8 AM and 11 PM ET. The company also shared customer FAQ information here.
Photo Credit: James Best