Toys 'R' Us closing two retail stores in Maine
Photo / Peter Van Allen
The Babies 'R' Us store located at the Maine Crossing shopping mall, 200 Running Hill Road, South Portland, is among the 182 stores Toys 'R Us announced it would be closing nationwide as part of its bankruptcy reorganization plans. The retail chain also announced it planned to close the Toys 'R Us store at 6 Bangor Mall Blvd. in Bangor.
Toys ‘R' Us announced on Jan. 23 it would be closing two retail stores in Maine as part of its bankruptcy reorganization plans involving closures of up to 182 stores nationwide.
USA Today reported that the Wayne, N.J.-based retail chain listed the Toys ‘R' Us store at 6 Bangor Mall Blvd. in Bangor and the Babies ‘R' Us store located at the Maine Crossing shopping mall, 200 Running Hill Road, South Portland, as among the 182 stores it would be closing.
The newspaper reported that the company noted some closings could be avoided if it’s able to negotiate more favorable lease terms. Otherwise, it reported, going-out-of-business sales are scheduled to begin in February and be completed in April.
The closure plans were among court documents filed in a U.S. Bankruptcy Court Tuesday, the newspaper reported.
"The reinvention of our brands requires that we make tough decisions about our priorities and focus," Toys ‘R' Us CEO Dave Brandon said in a letter posted on the company's website Tuesday night.
Reuters reported the 182 stores slated for closure represent about 20% of its stores in the United States.
The company filed for bankruptcy protection just ahead of the 2017 holiday season in the United States and Canada to restructure $5 billion of long-term debt, according to Reuters.
Retail Dive reported today the company took into account store performance, the local market and overall financials, including lease terms, to decide whether to open or close locations in a given area, according to the spokesperson. The real estate plans must be approved by the bankruptcy court, it added.
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