Even though all 900 Toys R Us stores in the U.K. and U.S. will shut down, the retailer’s Singapore unit has plans for expansion, it said on Friday (16 March).
In a statement sent in response to Yahoo News Singapore’s queries, Toys R Us Singapore pointed out that it has opened four news stores in Great World City, Parkway Parade Waterway Point, Westgate and refurbished three stores, including its flagship store at VivoCity, over the past 24 months.
“We manage 11 stores island-wide and one in Brunei with plans to further expand,” it said, adding, that it currently employs 380 staff and “will continue to hire as we grow”.
Back in September last year following news that Toys R Us had filed for bankruptcy protection in the U.S., Toys R Us (Asia) Ltd said it is not part of its parent firm’s financial restructuring, as it operates as a separate legal entity that is financially independent from other Toys R Us operating companies.
Owned around 85 per cent by Toys R Us Inc. and 15 per cent by Fung Retailing Ltd, Toys R Us (Asia) and its subsidiaries operate 226 stores in Greater China and Southeast Asia – including Brunei, China, Hong Kong, Malaysia, Singapore, Taiwan and Thailand and licenses an additional 35 stores in the Philippines and Macau, it had said.
Andre Javes, president, Toys R Us (Asia), had said: “Toys R Us (Asia) is open for business and continuing to serve our customers as we always do. We are a financially robust and self-funding retail operation, which continues to significantly grow and invest in this region.
Earlier this week, Toys R Us Inc. filed a motion seeking approval to being “an orderly wind-down” of its U.S. business and liquidation of inventory. According to news reports, its efforts to find a U.K. buyer have reportedly failed, and its stores in Australia, France, Spain and Poland are likely to be liquidated, too.