Unless you’re living under a rock, you would have been aware that our childhood kingdom, major toy retailer Toys ‘R’ Us, has filed for bankruptcy protection in US.
What would happen to our lives now? It would be so empty, so devoid, and so clear of little toys that come to life at night…
Alright there’s Kiddy Palace, but that’s not really my kind of thing.
Oh wait, NEWSFLASH.
We have just received intel that Toys ‘R’ Us Singapore is still functioning!
What’s this sorcery?
Let’s find out.
According to The New Paper, the toy retailer’s businesses in Asia (including Singapore) is operated by a joint-venture company formed with Fung Retailing, a unit of Hong Kong’s private Fung Group.
Fung Retailing possesses a 15 percent stake of Toys ‘R’ Us’ pie, and that translates to the Asian sector. It’s a separate legal entity and financially independent of all other operating companies worldwide according to the management.
The remaining 85 percent belongs to the main company Toys ‘R’ Us Inc.
The Asian company’s president, Mr Andre Javes, had this to say.
“Toys ‘R’ Us (Asia) is open for business and continuing to serve our customers as we always do.”
“We are a financially robust and self-funding retail operation, which continues to significantly grow and invest in this region.”
Great news for us Asians, I guess? #yes #inyourface #asiansrock
There are more than 220 outlets in East and South-east Asia, with a further 35 licensed stores in the Philippines and Macau.
There are 11 stores alone in Singapore with a staff number of 350.
Just this year, Toys ‘R’ Us brought Japan into its mix.
It looks like the Toys ‘R’ Us spirit is still strong and raring to go, even if its US and Canada sectors have fallen, eh?
Bad times for retailers
Toys ‘R’ Us, a chain founded all the way back in 1948, announced just yesterday that it has applied for Chapter 11 bankruptcy protection. The reasons given were: heavy debt and a tough market for brick and mortar stores.
It’s interesting to note that they announced the filing just before the company enters the holiday shopping season, a festive period that actually accounts for most of its sales.
They must have really stepped in deep shit to be unable to retrieve that $50 note in front of them, huh?
The major toy retailer isn’t the only victim of tough times, though.
Perfumania, apparel chains rue21 and Gymboree, discount shoe chain Rayless Holdings and designer clothing chain BCBG Max Azria have all made similar filings.
On the other hand, major retailers including Macy’s and Sears have shut down hundreds of outlets after the rise of Walmart stores and Amazon.com.
See the link now?
Online shopping is the new thing. I mean, where did you buy your latest new dress?
With the inflow of replications, delivery services and online websites, retailers would have their work cut out for them to even compete on the same level.
Just a point to take note, retailers. With new times, come new methods. Adapt or die.
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This article was first published on goodyfeed.com
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