Use those Toys R Us gift cards! NJ-based giant shutting down
Only the heartiest of trolls might enjoy seeing a landmark, New Jersey based company fail. Even more depressing would be to have a bunch of un-used gift cards for said business, with no hopes of redeeming them. Such is the grim prediction for Toys R Us.
The Wayne-based toy retailer has been fending off reports of across-the-board closures, since bankruptcy filing and some store closures announced earlier this winter. (This past weekend, I actually went and did some pre-Easter shopping, after seeing a round of reports). Last Friday, Toys R Us gave the assurance that stores are still ready for business:
According to Business Insider, there's a cautionary tale for those who remember the 2011 shuttering of book retailer, Borders. Nearly 18 million gift cards were left outstanding, worth an estimated $210.5 million!
By early Wednesday morning, it was announced that Toys ‘R’ Us would be closing all 100 U.K. stores, with a loss of around 3,000 jobs. Should the company follow suit here in the U.S., analysts say a liquidation sale could start within weeks.
So, now's a good time to check those catch-all spots and out-of-use wallets, to salvage any card balances while you can.
Proud Jersey Girl Erin Vogt’s first reporting gig involved her Fisher Price tape recorder. As a wife and momma of two kiddies, she firmly believes that life’s too short to drink bad coffee. A fan of the beach, Dave Grohl and karma, in no particular order.