Retail giant Toys ‘R’ Us has filed for
bankruptcy protection after struggling to pay their bills for nearly a decade.
Welcome back to What’s Trending, I’m Shira Lazar. Be sure to LIKE this video
and SUBSCRIBE for more. Toys ‘R’ Us, the iconic toy store chain, is
currently 5 billion in debt. Late Monday night, Toys ‘R’ Us filed for bankruptcy
protection hoping to restructure the company to be more competitive. I mean, If
Toys ‘R’ Us close their doors for good, that would be the end of an era for so many
of us, not just kids! I mean, I was already depressed enough when FAO Schwarz closed,
but now this? Thanks for ruining my dreams, corporate America. And the dreams for my future kids! @superpidge says, “Thoughts go out to the staff at Toys R
Us. Sad to here it’ll be going into bankruptcy. When I was a kid it was the
best place to get toys.” Michael tweets, “As a kid, there was something so mesmerizing
about going into toy store like Toys R Us. So much variety! Shame those days
might be numbered.” Bryan Francis exclaims, “NO TOYS R US DON’T GO AWAY SO MUCH OF MY CHILDHOOD CAME FROM THERE.” So are you at Toys R Us kid, and what is your
reaction about them going bust? Let us know in the COMMENTS below.
Toys R Us has always been a huge part of pop culture. Did you know Jenny Lewis was
in a couple of Toys R Us commercials when she was a child actor? The Times
Square Toys R Us was a major tourist attraction. The store was four floors of
toys, games, and more, and featured an animatronic T-Rex from Jurassic Park, and
a giant Ferris wheel! Symbolic of Toys R Us’ decline, the flagship store closed
in 2015. And now that the chain might be closed for good,
some people feel guilty about shopping elsewhere. @JoeFreshgoods tweets, “I feel
guilty, my daughter has no idea what Toys R Us is.” And some people are quick to
blame their slow sales on the “tablet takeover.” Should have innovated, Toys R Us. You had your shot! I have to agree with this tweet: “The end of an era.
Kids only like electronics now.” And it’s not just Toys R Us. A lot of toy brands
are seeing poor sales lately. Lego has had to slash hundreds of jobs in the
face of slumping sales; Mattel, the makers of Barbie, are struggling to compete with
Hasbro, but both are suffering from declining
stock prices. And while the world’s biggest toy store is dying, the toy
industry is actually growing. Thanks, gliders. Thanks,
slime. Thanks, fidget spinners. Enjoy the 15 seconds of fame while you can!
Andrew Thaler says, “Weird how the US toy industry has grown in the first half of
2017. Maybe Toys R Us just doesn’t understand the industry it’s in.” The toy
industry leaders actually reported in overall 3% increase in toy
sales just in 2017. Stores like Toys R Us are being beaten in sales by online
retailers, like Amazon. However, it was Toys R Us that used to be the best place
to buy toys online. BuzzFeed reports Toys R Us’ online sales were so successful
that amazon.com, then a new startup, went into a 10-year partnership with Toys R
Us to be the exclusive retail outlet for toys, games, and baby products. So they did have
a shot and they messed it up even then! And of course then Amazon’s business
model changed. Toys R Us sued Amazon for allowing other retailers to sell
toys. Amazon claims they had to break their exclusivity contract because Toys
R Us ran out of stock. After a decade of selling toys for Amazon, Toy R Us forgot
to update their own website! How about just like clear the website altogether?
How about an app? It wasn’t until 2016 that Toys R Us
revamped its website. BuzzFeed reports, “Lance Wills, Toys R Us’ first global
chief technology officer told USA Today: ‘In a year to two years, we have to catch
up on 10 years of innovation and that’s no small feat.'” So all in all the future
of Toys R Us, well it’s uncertain. With bankruptcy protection Toys R Us will
keep all of their stores open at least through the holiday shopping season. So
you know what Amazon wants for Christmas this year? How about some Toys R Us with
Whole Foods? That’d be a nice combination. And of course join our community, LIKE
this video, and SUBSCRIBE for more of What’s Trending.