Toys ‘R’ Us announced it is closing nearly 180 stores across the U.S., accounting for one-fifth of its retail footprint, CNBC reported.
Toys ‘R’ Us CEO and Chairman Dave Brandon said in a memo that the closures should begin as early as February and run through April. It’s part of the company’s restructuring in the wake of filing for bankruptcy in late 2017. Toys ‘R’ Us will also convert a number of locations into Toys ‘R’ Us and Babies ‘R’ Us stores.
In the prepared statement, Brandon referred to “operational missteps” that led to issues with customer orders this past holiday season.
“As the leader of this company, I want you to know that we can and will address the gaps in the experience that you may have had when shopping this holiday,” Brandon said. “My team is already hard at work to make the improvements necessary to ensure that we have products you want, when, where and how you want them.”
Brandon also said Toys ‘R’ Us recently relaunched its price-matching program and plans to ramp up promotions, improve its loyalty program and increase personalization through email, social media and online.