Goodbye, Geoffrey: Toys R Us is closing its last stores Friday
NEW YORK (AP) Toys R Us is closing its last U.S. stores by Friday, the end of a chain known for its sprawling stores, brightly colored logo and Geoffrey the giraffe mascot.
But many of the children who happily sang the “I don’t wanna grow up, I’m a Toys R Us kid” jingle grew into busy parents who found shopping online more convenient. The company, which also owned the Babies R Us chain, was hobbled by $5 billion in debt after a leveraged buyout.
As the stores close, over 30,000 workers will be looking for work. Toys R Us’ troubles have also shaken big toy makers like Mattel and Hasbro.
Customers will be looking elsewhere to shop. Retailers like Walmart and Target are expanding their toy aisles to fill the hole, while Party City is opening 50 pop-up toy shops this fall.