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WAYNE, N.J. - Iconic children's retailer Toys 'R' Us plans to close as many as 182 stores nationwide, the chain said in court documents Tuesday.
The New Jersey-based company, which filed for Chapter 11 bankruptcy protection in September, has about 880 U.S. stores and 1,600 worldwide, CNN Money reported.
"The reinvention of our brands requires that we make tough decisions about our priorities and focus," Dave Brandon, Toys 'R' Us chairman and CEO, said in a letter posted on the company's website. "To that end and following a top-to-bottom assessment of our business, we have decided to close a number of our U.S. stores. We also intend to convert a number of locations into co-branded Toys 'R' Us and Babies 'R' Us stores. The actions we are taking are necessary to give us the best chance to emerge from our bankruptcy proceedings as a more viable and competitive company that will provide the level of service and experience you should expect from a market leader."
If approved, "we estimate store closing sales to begin in early February, with the majority of locations closing in mid-April 2018," Brandon wrote.