Toys R Us, hobbled by competition, will shutter some stores

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NEW YORK (AP) -- Toys R Us, squeezed Amazon.com and huge chains like Walmart, will begin closing a number of its stores starting in February.

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Hobbled by $5 billion in debt, the company that once dominated toy sales in the U.S. filed for bankruptcy protection in September.

Chairman and CEO Dave Brandon said in a letter Wednesday that tough decisions are required to save Toys R Us.

The letter also didn't disclose how many stores would be closed and the company did not immediately return a message seeking details.

Brandon said that the majority the targeted stores will be closed by mid-April and that there will be deep discounts at those locations.

Toys R Us is based in Wayne, New Jersey.



 
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