Toys 'R' Us Plans to Make A Comeback Under New Name This Holiday Season
Toys 'R' Us expressed its intention to return to the market in the U.S., Asia, and U.K. The toy store company will re-enter the market under a new name and present a more modern approach to presenting and selling the toys.
The world-famous kids' toy store will be re-launched as Tru Kids and it will be headed by Toys 'R' Us' former executive Richard Barry. He was named as CEO of the revamped company and at this point, he and the team are still working the details and exploring different selling options for their new brand. One thing is sure, they will be more involved in e-commerce since this is the worldwide trend today.
Toys 'R' Us collapsed last year and hundreds of its stores across the U.S. and U.K. closed down. Around 3,000 workers lost their jobs after the company filed for bankruptcy in September 2017 and liquidated the business the following year. Now, a year after liquidating the firm's stores in America, some of the Toys 'R' Us former executives have gathered together and announced that they will continue the business via Tru Kids Inc. which they will launch.
According to NBC-affiliated news site, 14 News, investors won the auction for Toys 'R' Us assets and they believe that the company still has a potential to become big again so rather than selling the toy chain off, they decided to revive the company. Thus, on Jan. 20, Barry and the others founded Tru Kids.
The executives already learned from their previous mistakes so it is expected that the new brand will come out on top again. Barry also shared that Tru Kids is planning to focus more on technology and in-store experiences. They will also improve customer service for convenience and better serve the consumers.
"We have a once-in-a-lifetime opportunity to write the next chapter of Toys R Us by launching a newly imagined omnichannel retail experience for our beloved brands here in the U.S.," the Tru Kids CEO said in a statement.
Forbes reported that the initial plan is to open at least 70 Tru Kids stores in Asia, Europe, and India. It is not clear if they will also open stores in the U.S. under the new name or they will stick to "Toys R Us" that the Americans have come to know for years.
Tru Kids will be based in Parsippany, New Jersey. It will now become the parent company of Babies 'R' Us, Toys 'R' Us and other labels affiliated with the firm. Also, it seems that the company will retain Geoffrey the giraffe as its official mascot.