Toys R Us plans to close another 200 stores and cut jobs after a slow holiday sales season. If the retailer goes ahead with those closings, it would be reducing its store fleet by close to 50%, from approximately 880 a year ago to roughly 400 stores. Last month, the New Jersey-based retailer revealed that it would close 182 stores. The Journal also reports Toys "R" Us is now telling workers that there is no severance pay if they are let go.
In all, the company will close about 400 stores, which is almost half of its operation, according to USA Today.
Worldwide Smartphone Sales Declined Last Quarter for the First Time Ever [Chart]
The report also points towards users "choosing quality models and keeping them longer" as another key reason for the weak sales. Apple's sales have largely rebounded, though they again slid in the December quarter despite the launch of the iPhone X .
In that list of stores, the only Virginia locations set to close are a Babies R Us in Potomac Mills and Newport News.
Meanwhile, CNBC has reported that Toys R Us is potentially at risk of breaching the covenant on one of its loans. "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".
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A new poll reveals Canadians are virtually split on the current dispute between B.C. and Alberta over pipelines and wine. This intergovernmental trade agreement was set up to reduce and eliminate barriers to trade between the provinces.
Record has learned that Toys R Us plans to hold a staff meeting today at its Wayne headquarters. The company was reportedly $5 billion in debt.
Four Democratic Governors Band Together Against Gun Violence
Connecticut Governor Dannel Malloy agreed with Cuomo that the states can't wait for the federal government to act. Let's take it to the next level, let's work across our borders.
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