The latest expansion news comes a day after Toys "R" Us filed for bankruptcy protection in the United States, saying it intends to follow suit in Canada as online competition takes an increasing toll on in-person retailers.
The company, which operates 1,695 stores (including Babies R Us) and does business in 38 countries with 64,000 employees, said its physical and web stores will operate "as usual" as it heads into the holiday season.
Following some speculation about its financial woes, Toys R Us has officially filed for Chapter 11 Bankruptcy. In 2005, taking the company private, Bain Capital, KKR & Co., and Vornado Realty Trust loaded it with $7.5 billion in borrowing, and the company has been hamstrung ever since.
The retailer also says that the bankruptcy filing won't affect members of its rewards and loyalty programs.
The company could exit bankruptcy through a public offering of its shares or by a traditional reorganization in which creditors convert their debt to equity, he said. But long before Amazon battered Toys 'R Us with a much deeper selection, Walmart was beating up the toy retailer with aggressive pricing on the most popular items during holiday seasons.
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"We are confident that this process will enable us to leverage Toys " R " Us' existing strengths to succeed", continued Teed-Murch. However, the Australian and European operations, as well as a joint venture partnership in Asia, are not included in the Chapter 11 filing. Now other stores had them, but the Toys R Us I went to always had them before anyone else, like when Sega Saturn was released. And yeah, OK, maybe we were all partly to blame.
Mastermind Toys says it plans to open a new store in Sudbury in late fall.
So is this the end of Toys "R" Us?
With $400 million in debt owed by the company, Toys "R" Us has since brought on advisers to help plan for long-term growth.
With our favourite toy store filing for bankruptcy protection, are we slowly becoming a generation that replaces Hot Wheels, Legos and Unos with iPads and laptops?
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During the times before the Internet (some might call this the Dark Ages), kids had to find out what games and consoles to get from friends or from the kiosks that Toys R Us had.
The company opened a temporary store in New York City's Times Square this year to capture more holiday shoppers, nearly two years after it closed its flagship store barely a block away, driven out by high rents.
The Associated Press reported that GlobalData Retail estimates that in 2016 about 13.7 percent of toy sales were made online, up from 6.5 percent five years ago.
"Foreign suppliers are, in fact, given an advantage because they don't abide by the law, whereas Canadian companies that abide by the law are not being paid", said Brzezinski, adding that the ruling affects US suppliers as well, under North American treaty agreements.
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