Help support the Mego Museum
Help support the Mego Museum

Announcement

Collapse
No announcement yet.

Toys R Us to file for bankruptcy

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • LonnieFisher
    Eloquent Member
    • Jan 19, 2008
    • 10814

    I'll have to go check out my local store.

    Comment

    • jimbutsu
      Memory *is* RAM!
      • Apr 11, 2002
      • 4158

      I'm fearful that the daily shipments are simply warehouses emptying - if it was stuff people wanted, it wouldn't be cluttering up warehouses.

      The discounts are nothing yet, but I totally buy they idea that they're buying time - I wouldn't be surprised if things got really aggressive if and when everything else falls through... This has been a weird liquidation based on how retail clearances usually look.
      "If you take a dog which is starving and feed him and make him prosperous, that dog will not bite you. This is the primary difference between a dog and a man."

      - Mark Twain

      Comment

      • jwyblejr
        galactic yo-yo
        • Apr 6, 2006
        • 11141

        Even if Larian's new offer is accepted,TRU will still be closing over 400 stores.

        Comment

        • Earth 2 Chris
          Verbose Member
          • Mar 7, 2004
          • 32498

          Stopped into the Lexington TRU on Wednesday, and all the "Store Closing" signage really got to me. Action figures were 20% off, but that was about the best deal I saw. Still new stuff coming in, with lots of Incredibles 2 stuff.

          My understanding is Lego won't let them mark their product down below 10%. Not sure if other companies will do the same.

          I'd rather keep the store up than get a deal. Hopefully someone will think straight and accept that over from the MGA guy.

          Chris
          sigpic

          Comment

          • Teemu
            Persistent Member
            • Dec 15, 2010
            • 1742

            Originally posted by melstapler
            I visited two store locations this past week and the discounts were very small and different for each department. Action figures were discounted at 15%, although a shopper I spoke with was confused because they also had signs which stated that action figures were at 10%. An employee told me that the liquidation company wouldn't take over the store until May, so hopefully TRU can buy some time for a possible deal to be reached. I'd love to see as many TRU stores remain open as possible, but suspect they'd be more inclined to focus on saving the higher performing locations while closing the weaker ones.
            The employee lied to you. The Liquidation company has taken over the company since March when the liquidation started.They control all the percentages off and they will raise the % as sales continue to drop off,which they are currently in now.

            Comment

            • Teemu
              Persistent Member
              • Dec 15, 2010
              • 1742

              Originally posted by jimbutsu
              are simply warehouses emptying -

              The discounts are nothing yet, but I totally buy they idea that they're buying time - I wouldn't be surprised if things got really aggressive if and when everything else falls through... This has been a weird liquidation based on how retail clearances usually look.
              That's exactly what they are. Most TRU stores get their last shipment this week, which is the abundant left over stock remaining.

              And yes,they have been milking the %,but the aggressive percentages will come soon after there is little left in the actual store. June 30th is the close date.

              Comment

              • LonnieFisher
                Eloquent Member
                • Jan 19, 2008
                • 10814

                I haven't heard any details about my local store sales. Where is all the info people are getting coming from?

                Comment

                • LordMudd
                  Persistent Member
                  • Aug 22, 2011
                  • 1331

                  I was there today and talked with a manager. She said she heard end of June too, but it will most likely be until everything is gone.


                  CCC.

                  Comment

                  • MRP
                    Persistent Member
                    • Jul 19, 2016
                    • 2037

                    Originally posted by LordMudd
                    I was there today and talked with a manager. She said she heard end of June too, but it will most likely be until everything is gone.


                    CCC.
                    I've worked through 2 retail liquidations as an employee when I was younger. If it is being run by a liquidation company and not TRU itself, the last people who will know what is happening is the employees and managers of the company being liquidated. Liquidators generally keep them out of the loop until they have to be told and and after just about everyone else already knows what is going on, so I would hazard ot say if your source of info is an employee of TRU, it is suspect at best and they are making best guesses based on hearsay rather than direct info from the liquidators. Liquidators themselves often take choice stock out of the closing stores to sell elsewhere and bring in leftover merchandise they have from other liquidations that didn't sell and don't want floor level employees or former management to know what is happening to get a leg up on snagging merchandise before they do what they want with it or passing along info to customers until they make final decisions what they will keep, what they are willing to sell at certain levels of discount, etc. Generally the liquidator made a bid to the court for the price of the entire stock, and that is the money that will go to the bankruptcy settlement, not the actual revenue from selling the stock. The liquidators then decide how best to recoup that money, and often it is not selling what is in the store during the liquidation sale but taking it and reselling it at wholesale to other retailers or shipping it to another region/country for sale once a certain discount level is hit. It also makes it difficult for the parent company (TRU in this case) to make a deal to save the stores because once the liquidator's bid is accepted by the bankruptcy judge, the stock is no longer TRU's but the liquidators, so there is no stock for TRU to sell to a potential savoir/buyer. I don't know the details of the TRU bankruptcy and whether the liquidator is working with TRU or with the bankruptcy courts, but if the latter, then the former TRU employees are outsider looking in and their info is no more reliable than any other outsider to the situation.

                    -M
                    "Opinion is the lowest form of human knowledge. It requires no accountability, no understanding." -Plato

                    Comment

                    • jimbutsu
                      Memory *is* RAM!
                      • Apr 11, 2002
                      • 4158

                      End of June is a looong time for wrapping up operations at every single location given that some have been on the doomed list for months already.

                      That being the case, it's entirely possible that all the stores aren't on the same timetable and won't close up at the same time - they may phase it and start shifting merchandise from one location that's closing imminently to one that might last a little longer and so forth. It's not super uncommon to consolidate merch into high-traffic stores during a liquidation.
                      "If you take a dog which is starving and feed him and make him prosperous, that dog will not bite you. This is the primary difference between a dog and a man."

                      - Mark Twain

                      Comment

                      • emeraldknight47
                        Talkative Member
                        • Jun 20, 2011
                        • 5212

                        I stopped by my local TRU in Indiana and have picked up a few things at some more-than-usual prices at TRU. The collectibles, action figures and drones (the items I’m interest in) have finally hit the 20% off mark and for that past two Sundays and Mondays, they’ve been adding an additional 10% off your entire purchase when you check out, so I’m copacetic with that. I’ve got a few things squirelled away in the store that I want, but will wait until the percentages off are bit higher.

                        The one thing that really dismayed me was speaking to the cashier at length who’s been working at that store for 22 YEARS—-since she graduated high school. And you know what kind of severance package or going out of business package TRU corporate is giving to really longtime employees? Absolutely dick. And then she told me that Corporate all informed them en masse that they weren’t going to be allowed to file for unemployment because TRU would contest/deny it. THAT really steamed me up that they would treat employees, especially long term employees, that shabbily. As much as I’d like to pick up the other items I’ve got hidden away, I don’t know that I can, in good conscience, give up any more green to a Corporation as cold, heartless and soulless as TRU seems to be. Would serve them right for people to boycott their going out of business sales just to make the Corporate bastitches suffer a little longer. I hate @$$4@7$...
                        sigpic Oh then, what's this? Big flashy lighty thing, that's what brought me here! Big flashy lighty things have got me written all over them. Not actually. But give me time. And a crayon.

                        Comment

                        • Teemu
                          Persistent Member
                          • Dec 15, 2010
                          • 1742

                          Originally posted by MRP
                          I've worked through 2 retail liquidations as an employee when I was younger. If it is being run by a liquidation company and not TRU itself, the last people who will know what is happening is the employees and managers of the company being liquidated. Liquidators generally keep them out of the loop until they have to be told and and after just about everyone else already knows what is going on, so I would hazard ot say if your source of info is an employee of TRU, it is suspect at best and they are making best guesses based on hearsay rather than direct info from the liquidators. Liquidators themselves often take choice stock out of the closing stores to sell elsewhere and bring in leftover merchandise they have from other liquidations that didn't sell and don't want floor level employees or former management to know what is happening to get a leg up on snagging merchandise before they do what they want with it or passing along info to customers until they make final decisions what they will keep, what they are willing to sell at certain levels of discount, etc. Generally the liquidator made a bid to the court for the price of the entire stock, and that is the money that will go to the bankruptcy settlement, not the actual revenue from selling the stock. The liquidators then decide how best to recoup that money, and often it is not selling what is in the store during the liquidation sale but taking it and reselling it at wholesale to other retailers or shipping it to another region/country for sale once a certain discount level is hit. It also makes it difficult for the parent company (TRU in this case) to make a deal to save the stores because once the liquidator's bid is accepted by the bankruptcy judge, the stock is no longer TRU's but the liquidators, so there is no stock for TRU to sell to a potential savoir/buyer. I don't know the details of the TRU bankruptcy and whether the liquidator is working with TRU or with the bankruptcy courts, but if the latter, then the former TRU employees are outsider looking in and their info is no more reliable than any other outsider to the situation.

                          -M

                          Not the case at all.....TRU employees know exactly what is going on and when the announced end date is, and while the liquidator's are in control,they gave a timeline to Manager's and employees...

                          It may even go into July to finish it.

                          Comment

                          • Teemu
                            Persistent Member
                            • Dec 15, 2010
                            • 1742

                            Originally posted by emeraldknight47
                            And then she told me that Corporate all informed them en masse that they weren’t going to be allowed to file for unemployment because TRU would contest/deny it.
                            Not true.

                            Comment

                            • ScottA
                              Original Member
                              • Jun 25, 2001
                              • 12264

                              My TRU is down to 9 days remaining. I've picked up 2 baskets for free and bought a small stand sign for $15. Why? Just because I can I suppose and can tell people where I got it.

                              Half the store is now empty. Breaks my heart. I went the say it opened.

                              I'll go back Saturday for the last time.
                              sigpic WANTED: Boxed, Carded and Kresge Carded WGSH

                              Comment

                              Working...
                              😀
                              🥰
                              🤢
                              😎
                              😡
                              👍
                              👎