An Anonymous Donor Buys Toys Worth $1 Million from Toys “R” Us!
As Toys ‘R’ Us has taken its final breath, one shopper did the incredible during the clearance sale last week Friday. Location? The shop is located in Raleigh, North Carolina. As a matter of fact, the shop was closed early thanks to one miscellaneous buyer going all out and purchasing a whopping $1 million worth of toys! His intention? To donate all of them to a local children’s center.
As of the moment, the staff initially contracted to the store are now spending their final days boxing up the purchased toys and placing them on a truck.
A Gesture of Good Faith
The anonymous buyer has certainly put a touching ending to the death of a company that for decades, has been considered a monumental facet of American business.
So how did this mega-company finally go bankrupt? The story commences with the surge in online retailers, introducing a model where shoppers could buy toys at competitive prices in their living rooms. Moreover, the company had also amassed a large amount of debt after it was bought by KKR& Co and Bain capital in 2005, after a leveraged buyout of $6.6 billion was accepted.
After quite a number of years of attempting to remove themselves from the pressure of external circumstances, the company had no choice but to file for bankruptcy in 2017. Additionally, in recent weeks, some of the company’s longtime employees were discovered to be applying for other jobs.
That being said, here are some other reasons why Toys “R” Us met their inadvertent demise
The fact that Toys R Us filed for bankruptcy in September of last year, instead of aiming immediately after the shopping holiday, turned out to be a fatal error.
At that time, the company would have opted to undertake an aggressive holiday season marketing campaign.
Vendors became dodgy
During the time of its bankruptcy, the company recorded some of its worse disruptions and delays in terms of product supplies. Reason being? It’s simple. As the company capitulated, vendors became tensed that the company would not be able to meet its payments as was initially the setup.
As for creditors, once they realized that the company was going to the dogs, they pulled out with their money, resulting in a massive downfall that inevitably, could not be saved.
Yes, goes to show that keeping up with the new trends is important. Today, the modern person would rather shop online than physically walk up to a store to buy the given item. Toys “R” Us failed to get with the program early enough, and they suffered tremendously for it.
Bringing Nostalgia to Millennials
A recent photo of a famous mascot by the name Geoffrey the Giraffe, has gone viral after it was shown him coming out of deserted Toy “R” Us store with a small suitcase in a trolley, vividly illustrating the sad state of the American Industry.
That being said, thanks to the contribution of this anonymous donor, a large number of children will get to own many toys, like the children before them that had the opportunity to step into a Toys “R” Us store.
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