Toys 'R' Us is making a comeback with new shops inside more than 400 Macy's stores after bankruptcy & closures
ICONIC store Toy ‘R’ Us is making another comeback as it announced a new collaboration with Macy’s on Thursday after its bankruptcy and store closures.
The popular brand, which was first founded 70 years ago, will open toy shops in more than 400 Macy’s department stores across the US from 2022, both companies revealed.
Toys 'R' Us mascot Geoffrey the Giraffe will welcome shoppers to the new stores built inside Macy’s, according to USA Today.
It is not yet clear how large the stores will be and the exact Macy’s locations where they will be built.
Toys ‘R’ Us products can also be purchased from a special section on the Macy’s website from Thursday, the announcement added.
“As a Toys ‘’R’ Us kid, I could not be more excited to bring this beloved brand that so many of our customers know and love into Macy’s online and to our stores across America,” said Nata Dvir, Macy’s chief merchandising officer, in a statement.
“Our toy business grew exponentially in the past year, with many families looking to inspire their children’s imagination and create meaningful moments together.
“Toys ‘R’ Us is a globally recognized leader in children’s toys and our partnership allows Macy’s to significantly expand our footprint in that category while creating more occasions for customers to shop with us across their lifestyles.”
Toys ‘R’ US had filed for bankruptcy in March 2018 and all its US stores were closed down by June 2018.
It made a previous comeback in 2019 when it announced new ownership and opened two new stores in New Jersey and Texas.
Yet they closed earlier this year due to the impact of the pandemic.,
After its bankruptcy, WHP Global, a brand management company, acquired a controlling stake in Tru Kids, the parent company of the Toys R Us, Babies R Us, and Geoffrey the Giraffe brands.
“Our partnership with Macy’s marks the greatly anticipated return of Toys ‘R’ Us in the U.S.A. and changes the retail landscape by combining two beloved retail brands together for consumers across the nation in a completely innovative way,” Yehuda Shmidman, chairman and CEO of WHP Global and Toys R Us, said in a statement.
The move will reportedly “quintuple” the size of Macy's toy business, chairman and CEO Jeff Gennette added.
It will grant Macy’s access to Toys ‘R’ Us’s private brands and is hoped to help it compete with Target and Walmart for the toy business.
The sector grew over the past year as parents sought to keep children occupied during lockdowns and working from home.
Macy’s has also announced store closures in the wake of the Covid pandemic lockdowns and the severe impact on the retail industry.
Macy’s Inc, which also runs Bloomingdale’s and Bluemercury, closed 37 stores in January, USA Today reports.
It had first announced in February 2020, before the pandemic even hit, that it planned to close 20 percent of its stores – 125 locations – over the next three years.
The plan saw about 30 stores close last year.
It still has 512 Macy’s locations, 54 Bloomingdale locations, and 160 Bluemercury locations.
Source: Read Full Article