"Toys R Us Asia is open for business and continuing to serve our customers as we always do", Toys R Us Asia president Andre Javes said.
The company, which filed for bankruptcy in September, announced plans to shut down its us operations last week. The Canadian business unit might live on in combination with select United States stores if a buyer can be found. The company's liquidation filing last week will trigger clearance sales that could begin as soon as Thursday at the locations that had not already planned to close.
Toys R Us is still hoping that it will be able to keep up to 200 USA stores open as part of a package deal to sell its Canadian operations.
MGA Entertainment confirmed last week that its CEO Isaac Larian and affiliated investors are a bidder for the Toys "R" Us Canada operations. For Toys R Us gift card holders, they now have 30 days to use their cards.
The general consensus among retail observers is that physical stores are still relevant in the toy sector because "people love to see and touch things", said Pasierb, despite the permeation of Amazon and e-commerce.
Toys "R" Us is an iconic brand that will surely be missed by kids and adults alike. Creditors pushed for liquidation because they saw it as the most likely way to be repaid.
The core problem for Toys R Us is that the company has been drowning in debt since private investment firms KKR, Bain, and Vornado took control in 2005.