The ToysRus toy chain has requested this Thursday to enter bankruptcy proceedings with the aim of guaranteeing the future of the company and safeguarding the maximum number of jobs.
The toy company has faced many challenges in the last 4 years. After the bankruptcy process of its parent company in the United States in 2018, ToysRus Iberia is in a process of modernizing its systems and stores. The evolution of society has been conditioned by the closure of physical stores in both Spain and Portugal, motivated by Covid-19 in 2020 and 2021.
Even having managed to grow and improve its results in 2021, the last brake on its recovery occurred at the end of 2021 when the shortage of containers prevented it from receiving enough merchandise for the Christmas campaign.
“We chose this procedure to guarantee the continuity of the greatest number of jobs. The stores have been closed for a long time and internet sales have not been able to compensate for the lost sales,” explains Paulo Sousa, Chairman of ToysRus Iberia.
“This legal step is necessary to ensure a future for the greatest number of our employees and collaborators. We trust that, through this procedure, we will find investors that will allow us to give the ToysRus brand a future,” says Paloma Pérez, CEO of ToysRus Iberia.
ToysRus Iberia has 46 stores in Spain and 11 in Portugal and 891 employees in Iberia. ToysRus stores will continue to be open and serving their customers, both in physical stores and through the online store. Its Portuguese subsidiary and stores located in Portugal are not affected by this procedure.
“ToysRus’ goal now is to focus on its viability. There is a future for our physical stores that children and adults enjoy so much, especially if we combine them with an effective omnichannel strategy.” adds Paloma Perez.
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