TFW2005 member Axos shares sad news for our fellow Transformers fans in Scandinavia, noting the impending closure of Top-Toy which operates a regional chain of 295 BR Toys and Toys R Us stores employing over 2100 full time employees. This caps a year in which thousands of other employees lost their jobs as multiple business associated with Toys R Us continue to deal with the ripple effects of its revamped scale in the U.S. and ceased operations in the U.K. and Australia.
In March, Top-Toy initially took the stance of being able to ride out the impending storm:
“TOP-TOY independently operates TOYS”R”US in the Nordics under a long-term license and TOP-TOY and Toys”R”Us Inc. have no common ownership. TOP-TOY is of course monitoring the situation in the US and UK closely; but cannot speculate in the future of the Toys”R”Us brand. TOP-TOY can however assure that TOP-TOY’s stores will continue to sell toys to the children in the Nordic countries, regardless of what should happen to Toys”R”Us Inc.”
However, disappointing Christmas sales, increased digitisation, a higher number of competitors and changing play habits among children proved to be an insurmountable combination of factors that first resulted in a Danish court approved restructuring plan intended to close unprofitable stores and finally bankruptcy. A number of stores will remain open until tomorrow.
“We will today initiate discussions with the creditors on how to handle the bankruptcy estate. We can, however, advise that some stores will remain open for customers to be able to exchange their purchases to other products in these stores until end December,” says attorney Søren Aamann Jensen from Kromann Reumert, who has been appointed trustee together with attorney John Sommer Schmidt from Gorissen Federspiel.
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