Published: Thu, March 22, 2018
Money | By Michele Stevens

KB Toys aims to fill the void of Toys "R" Us

KB Toys aims to fill the void of Toys

A Toys R Us distribution centre in the West Midlands is set to close, leading to the loss of nearly 100 jobs.

Kassoff, whose company has brought back candy brands such as Hydrox and Astro Pop, invited Toys R Us employees, as well as other players in the toy industry, to apply at KB Toys. Efforts to merge up to 200 top-performing USA stores with its Canadian operations are also underway. It soon ballooned into one of the country's biggest toy retailers.

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"My assumption is that there's about half a billion dollars worth of toys that have been produced for Toys "R" Us with no place to go", Strategic Marks president Ellia Kassoff told CNNMoney. "Consumers will not put an end to buying toys because their local Toys "R" Us store closed its doors", Lennett said. For those anxious about any gift cards they have for Toys-R-Us, the company will honor them a remaining 30 days or so.

Strategic Marks bought the KB Toys brand from Bain Capital in 2016.

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"We are grateful for the hard work of Toys R Us staff during this very difficult period". The company filed for bankruptcy in 2004. In a court ruling, Toys-R-Us said that their competitors would price toys "at low-margins or as loss-leaders" meaning they deliberately took a hit on toy revenue with the hopes of putting the final nail in the coffin for the long-time toy company. The retailer blamed high debt levels and intense competition with online retailers. Within the next week or two, the company will begin selling off their inventories at a discount. "Also, if you're making a purchase, understand it's a final sale".

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